Which of the Following Characteristics Would Describe a Product with an Inelastic

question 148

Multiple Choice

Which of the following characteristics would describe a product with an inelastic demand?

• A)The good is considered a necessity and many substitutes for the product exist.
• B)The good is considered a necessity and few substitutes for the product exist.
• C)The good is considered a luxury and many substitutes for the product exist.
• D)The good is considered a luxury and few substitutes for the product exist.

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Definitions:

Negative Reinforcement

A process in operant conditioning where removing an unpleasant stimulus strengthens a behavior's occurrence.

Punishment

A consequence applied to reduce or eliminate unwanted behavior, often discussed within the context of learning theory and behavior modification.

Variable-interval Schedule

A reinforcement schedule in which the reinforcement of a response occurs at unpredictable time intervals, enhancing response consistency.

Ratio Schedule

In the context of behavioral psychology, a type of reinforcement schedule in which a response is reinforced only after a specified number of responses have occurred.