The Price Elasticity of a Good Will Tend to Be

question 218

Multiple Choice

The price elasticity of a good will tend to be greater:

• A) the longer the relevant time period.
• B) the fewer number of substitute goods available.
• C) if it is a staple or necessity with few substitutes.
• D) All of the above are true.

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Definitions:

Punishment

A process in behavioral psychology where an unpleasant consequence follows a behavior, decreasing the likelihood of that behavior being repeated.

Cumulative Recorder

A device used in behavior analysis that records responses over time, creating a visual representation of the rate of behavior.

Disk

A flat, circular device capable of storing information in digital form, often used for computer data storage.

Red Light

A visual signal indicating the prohibition of traffic movement, or used in various devices and systems to indicate a warning or stop condition.