Which of the Following Goods Will Have a Higher Price

question 118

Multiple Choice

Which of the following goods will have a higher price elasticity of demand?

• A)a good with few substitutes
• B)a good with many substitutes
• C)a good that represents a small proportion of the consumer's budget
• D)a good that is broadly defined
• E)a good that is a necessity

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Definitions:

Break A Habit

The process of effectively stopping or altering a habitual behavior or pattern.

Arousal Level

The degree of physiological excitability or alertness experienced by an individual.

Acronym TOTE

A cognitive model standing for Test-Operate-Test-Exit, used to describe the process of goal-oriented behavior.

Striving For Goals

The persistent effort to achieve personal objectives and ambitions.