The Price Elasticity of Demand for a Good Is Relatively

question 72

Multiple Choice

The price elasticity of demand for a good is relatively elastic if

• A) there are a large number of substitutes.
• B) the consumer has more time to make decisions about purchasing the good.
• C) the good is less of a necessity.
• D) all of the above

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Definitions:

Obligee

The party to a contract or agreement who is entitled to receive a performance or obligation from another party.

Assignment

The act of passing on rights, assets, or responsibilities from one individual to another.

Rights

Entitlements or freedoms that are granted by legal, social, or ethical principles.

Prohibited

Forbidden by law, rule, or other authority.