Demand for a Product Is Likely to Be More Price

question 77

Multiple Choice

Demand for a product is likely to be more price elastic if it

• A)is considered a necessity.
• B)has many substitutes.
• C)has few substitutes.
• D)requires a small cash outlay.
• E)is nondiscretionary.

---

Definitions:

Forgive Mistakes

The act of pardoning someone for errors or offenses they have made, without harboring resentment or seeking revenge.

Solomon Asch

A psychologist known for his research on social psychology, particularly for his work on conformity experiments.

Conformity

The practice of aligning one's attitudes, beliefs, and actions with the norms, rules, or expectations of a group or society.

Visual Perception Task

An activity designed to assess how an individual interprets visual stimuli.