If a Good Is a Necessity with Few Substitutes, Then

question 139

Multiple Choice

If a good is a necessity with few substitutes, then the price elasticity of demand will tend to be:

• A) more price elastic.
• B) less price elastic.
• C) equal to -1.
• D) the same as that of a luxury good.

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Definitions:

Situational Constraints

External factors or conditions that limit or dictate the actions one can take in a given context.

Social Psychologists

Researchers or practitioners who study how individuals' thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.

1960s

A decade significant for major political, social, and cultural changes around the world.

Situational Context

The environmental and social circumstances that are relevant to the event or person's behavior at a given time.