If a Product Has an Elastic Demand,this Means That

question 61

Multiple Choice

If a product has an elastic demand,this means that:

• A)consumers are relatively sensitive to a change in the price of the product.
• B)consumers are relatively insensitive to a change in the quantity demanded.
• C)consumers are relatively insensitive to a change in the price of the product.
• D)producers are relatively insensitive to a change in the price of the product.
• E)producers are relatively sensitive to a change in the quantity demanded.

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Definitions:

Fluctuated

To change or cause to change position constantly; to vary or oscillate unpredictably.

Big Five

A psychological framework that defines personality through five major traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Temperament

The aspects of an individual's personality that are believed to be biologically based and observable from a young age, such as mood, energy level, and emotional reactivity.

Extraversion

A personality trait characterized by outgoingness, sociability, and a high level of activity and enthusiasm.