The More Time People Have to Adjust to a Price

question 100

Multiple Choice

The more time people have to adjust to a price change:

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

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Definitions:

Similar/Different

Terms used to compare and contrast features, indicating how things are alike or how they vary.

Segregation

The enforced separation of different racial groups in a country, community, or establishment.

Separation

The process of dividing, distinguishing, or disconnecting elements from one another.

Canadian Example

This typically refers to a specific instance or case study that is uniquely representative of Canada or its populations, used to illustrate a point about Canadian society, culture, or policy.