The Longer People Have to Adjust to a Price Change

question 127

Multiple Choice

The longer people have to adjust to a price change:

• A)the more elastic their demand will be.
• B)the less elastic their demand will be.
• C)will not affect the elasticity of their response unless it is a luxury good.
• D)will not affect the elasticity of their response unless the good is a necessity.

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Definitions:

Placebo

A substance with no therapeutic effect, used as a control in testing new drugs, or to trigger a psychological benefit in the patient.

Control Group

In an experiment, the group that experiences all aspects of the experiment, including assessments, in a manner identical to the experimental group, except for the manipulation of the independent variable.

Antipsychotic Drug

Medications used to treat psychotic symptoms such as delusions, hallucinations, and disordered thinking, commonly associated with schizophrenia and bipolar disorder.

Experimental Effect

The difference obtained in the dependent variable that occurs as a function of the manipulation of the independent variable.