If the Quantity Demanded of a Certain Good Responds Only

question 58

Multiple Choice

If the quantity demanded of a certain good responds only slightly to a change in the price of the good,then

• A) the demand for the good is said to be elastic.
• B) the demand for the good is said to be inelastic.
• C) the law of demand does not apply to the good.
• D) the demand curve for the good shifts only slightly in response to a change in price.

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Definitions:

Cognitive Processing

The mental actions or processes involved in acquiring knowledge, understanding through thought, experience, and senses.

Mental Resources

Cognitive and emotional capacities that an individual can draw upon to perform tasks, solve problems, and manage demands, including attention, memory, and resilience.

Attention

The act or state of applying the mind to something, focusing mental effort on a particular stimulus or task.

Habituation

A process through which an individual becomes accustomed to a stimulus after repeated exposure, leading to decreased response.