Which of the Following Situations Could Explain Why Product X

question 160

Multiple Choice

Which of the following situations could explain why product X has a relatively high price elasticity of demand in the short run?

• A)the price of product X is too low
• B)the price of product X is too high
• C)the prices of substitute products are constant
• D)there are many substitutes for product X and consumers have an ability to switch quickly to those substitutes
• E)there are few substitutes for product X in the short run

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Definitions:

Conditioned Responses

Conditioned responses are the behaviors that result from the association between a previously neutral stimulus and a conditioned stimulus through conditioning.

Extinction

In psychology, the gradual weakening of a conditioned response by not reinforcing the conditioning stimulus.

Conditioned Forgetting

A phenomenon where memory is lost or altered due to the introduction of specific conditions or stimuli, often involving the suppression of unwanted memories.

Suppression

The conscious effort to stop thinking about certain thoughts or feelings.