Other Things Being Equal, Demand Is Less Elastic

question 358

Multiple Choice

Other things being equal, demand is less elastic

• A) the more expensive the good is.
• B) the smaller the percentage of a total budget that a family spends on a good.
• C) the longer is the time period for adjustment.
• D) the more substitutes a good has.

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Definitions:

Gender Typing

The process by which children acquire the values, motives, and behaviors viewed as appropriate for their gender in their culture.

Gender Identity

A person's own perception of their gender identity, which might not align with the gender assigned at birth.

Collectivist Cultures

Cultures that prioritize the group over the individual, emphasizing interdependence, cooperation, and social harmony.

Social Interdependence

The theory that individuals in a group depend on each other to accomplish personal and collective goals, influencing their interactions and outcomes.