The Demand for Hubba Bubba Bubble Gum Is Likely

question 155

Multiple Choice

The demand for Hubba Bubba bubble gum is likely

• A) elastic because gum is expensive relative to other snacks.
• B) elastic because there are many close substitutes for Hubba Bubba.
• C) elastic because bubble gum is regarded as a necessity by many people.
• D) inelastic because it is consumed quickly, making the relevant time horizon short.

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Definitions:

Enculturation

The process by which individuals learn the dynamics of their surrounding culture and acquire values and norms appropriate or necessary in that culture.

Socialization Process

The method through which individuals learn the values, norms, and required behaviors which permit them to participate as members of an organization.

U.S. Naval Academy

A federal service academy in Annapolis, Maryland, that educates and trains officers for commissioning primarily into the United States Navy and Marine Corps.

Salute Upperclassmen

A gesture or form of respect shown towards individuals with seniority or higher rank, especially in educational and military contexts.