Demand Is More Inelastic in the Short-Term Because Consumers

question 141

Multiple Choice

Demand is more inelastic in the short-term because consumers:

• A)are impatient.
• B)have no time to find available substitutes.
• C)are present-oriented.
• D)are neither impatient, have no time to find available substitutes nor are present-oriented.

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Definitions:

Self-Serving Biases

Attributional distortions that protect or enhance self-esteem or the self-concept.

Ultimate Attribution Error

The tendency to attribute negative behaviors of an outgroup member to their character while attributing positive behaviors to situational factors.

Ingroup Actions

Refers to the behaviors and activities that are conducted by members within a specific group, often aimed at achieving the group's goals or maintaining its cohesion.

False Consensus Effect

Seeing our own behaviour as being more typical than it really is.