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:

Tortious Act

A wrongful act or infringement of a right leading to legal liability, not arising from a contract or statute.

Estopped

A legal principle that prevents someone from arguing something contrary to a claim previously made or accepted in court.

Commission of a Tort

The act of committing a wrongful act, excluding breach of contract, for which a civil action can be brought.

Respondeat Superior

A doctrine under which a principal-employer is liable for any harm caused to a third party by an agent-employee in the course or scope of employment.