The Less Responsive Consumers Are to a Change in the Price

question 29

Multiple Choice

The less responsive consumers are to a change in the price of a product:

• A)the more price-elastic is the supply curve.
• B)the more income-elastic is the demand curve.
• C)the more price-inelastic is the demand curve.
• D)the more income-elastic is the supply curve.
• E)the more price-elastic is the demand curve.

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Definitions:

Global Climate

The average weather patterns that are observed over long periods, across the entire planet, encompassing a complex system influenced by solar radiation, the atmosphere, oceans, and landmasses.

Ice Ages

Periods of long-term reduction in the temperature of Earth's surface and atmosphere, resulting in the expansion of continental and polar ice sheets.

Continents

Large landmasses on Earth's surface, conventionally counted as seven: Africa, Antarctica, Asia, Australia, Europe, North America, and South America.

Oceans

Oceans are large bodies of salt water that cover approximately 71% of the Earth's surface, divided into five major basins: the Pacific, Atlantic, Indian, Southern, and Arctic Oceans.