Which of the Following Statements About the Price Elasticity of Demand

question 110

Multiple Choice

Which of the following statements about the price elasticity of demand is correct?

• A)The price elasticity of demand for a good measures the willingness of buyers of the good to buy less of the good as its price increases.
• B)Price elasticity of demand reflects the many economic,psychological,and social forces that shape consumer tastes.
• C)Other things equal,if good x has close substitutes and good y does not have close substitutes,then the demand for good x will be more elastic than the demand for good y.
• D)All of the above are correct.

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Definitions:

Resources

Available assets or supports that can be used to achieve goals or manage demands.

Absenteeism

The habit or practice of being absent from work or duties without a good reason, reflecting negatively on employee reliability and productivity.

Decreased

Reduced in amount, size, extent, or importance.

Work-Family Conflict

A form of tension occurring when the demands of work and family roles are incompatible and negatively affect each other.