The Demand for a Good Is More Price Elastic

question 229

Multiple Choice

The demand for a good is more price elastic

• A) if closer substitutes are available.
• B) if the good is a necessity rather than a luxury.
• C) if the share of the good in the average consumer's budget is smaller.
• D) in the short run than in the long run.

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Definitions:

Developed Nations

Countries with advanced infrastructure, high living standards, and stable economies, typically characterized by high gross domestic product (GDP) per capita.

Hastening

The act of accelerating a process or event, making it occur more quickly.

Life Structure

A concept in adult development theory referring to the underlying pattern or design of a person's life at a given time, including roles, relationships, and activities.

Economic Status

A measure of a person's or family's economic and social position in relation to others, based on income, education, and occupation.