Demand Becomes More Elastic As

question 88

Multiple Choice

Demand becomes more elastic as:

• A)the number of substitutes available declines.
• B)the time period becomes shorter.
• C)a good makes up a larger percentage of a consumer's budget.
• D)a product is defined more broadly.
• E)the producer has more time to respond to price changes.

---

Definitions:

Guilt by Association

The concept of assigning blame to an individual based on their associations or relationships rather than direct evidence of wrongdoing.

Begging the Question

A logical fallacy where the argument assumes the truth of the conclusion rather than providing evidence for it.

Argumentum Ad Populum

is a fallacy that concludes a proposition is true because many or most people believe it.

Bandwagon Fallacy

A logical fallacy where one assumes something is true or right because it is popular or because others are doing it.