An Important Determinant of the Price Elasticity of Demand Is

question 234

Multiple Choice

An important determinant of the price elasticity of demand is the:

• A) importance in household budgets.
• B) level of technology.
• C) quantity of the good supplied.
• D) extent of government regulation.

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Definitions:

Economic Self-sufficiency

The ability of an economy to produce all the goods and services it needs without importing them from other countries.

Confederacy

Commonly refers to the Confederate States of America, a coalition of 11 southern states that seceded from the United States from 1860-1865 during the American Civil War.

Georgia 1861

marks a period when Georgia, a Southern state, declared secession from the United States and joined the Confederate States of America during the Civil War.

Confederate South

The southern states of the United States that seceded from the Union in 1860-61, forming the Confederate States of America, leading to the American Civil War.