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.

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Definitions:

Negative Punishment

A behavioral modification technique involving the removal of a desirable stimulus to decrease the likelihood of a behavior occurring again.

Time-Out

A behavioral modification technique involving temporary isolation or removal from a situation to decrease undesirable behavior.

Spanked

The act of hitting someone, usually a child, with an open hand as a form of punishment.

Discrimination

Unjust or prejudicial treatment of different categories of people or things, especially on the grounds of race, age, or gender.