For Many Goods, the Price Elasticity of Demand Increases Over

question 439

Multiple Choice

For many goods, the price elasticity of demand increases over time because

• A) people's incomes tend to increase over time.
• B) inflation increases all prices and incomes over time.
• C) the ability to find substitutes for a good whose price has risen increases over time.
• D) None of the above answers is correct.

---

Definitions:

Circular DNA

DNA that forms a closed-loop structure, found in bacteria, mitochondria, and chloroplasts, distinct from the linear DNA of most eukaryotes.

Gymnosperms

A group of seed-producing plants that includes conifers, cycads, Ginkgo, and gnetophytes, notable for not having flowers or fruit.

Wingless Insects

Insects that lack wings at all stages of their life cycle, adapted for different modes of life than their winged counterparts.

Fish With Jaws

Refers to gnathostomes, which are vertebrates that possess true jaws, a significant evolutionary feature allowing them to exploit a wider variety of food sources.