Which of the Following Makes Demand Less Elastic

question 197

Multiple Choice

Which of the following makes demand less elastic?

• A) the existence of many close substitutes for the good
• B) spending a large proportion of income on the good
• C) a short time elapsing since the product's price changed
• D) All of the above answers are correct.

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Definitions:

Support

Support refers to the assistance or backing provided by individuals or groups, intended to aid someone else's efforts or initiatives.

Emotions

Complex psychological states that involve physiological changes, feelings, cognitive processes, and behavioral responses.

Level of Experience

Refers to the depth or amount of knowledge and skill that an individual has accumulated in a particular area over time.

Prospect Theory

A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known.