The Elasticity of Demand for a Product Is Likely to Be

question 294

Multiple Choice

The elasticity of demand for a product is likely to be greater,

• A)if the product is a necessity, rather than a luxury good.
• B)the greater the amount of time over which buyers adjust to a price change.
• C)the smaller the proportion of one's income spent on the product.
• D)the smaller the number of substitute products available.

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Definitions:

Substance Abuse

Excessive or addictive use of substances, especially drugs or alcohol, that leads to health issues or social, personal, or economic problems.

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The economic system of the United States, characterized by a mixture of private and public enterprise.

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The process of organizing and planning how to divide one's time between specific activities effectively.

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