The Demand for a Product Tends to Be Inelastic If

question 15

Multiple Choice

The demand for a product tends to be inelastic if:

• A) it is expensive.
• B) a small proportion of consumer's income is spent on the good.
• C) consumers are quick to respond to price changes.
• D) it has many substitutes.

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Definitions:

Sandwich Generation

A generation of people who care for their aging parents while supporting their own children.

Squeezed Generation

Refers to the demographic group of middle-aged individuals who are concurrently supporting their aging parents and their own children, often facing financial, emotional, and physical strains.

Overload Generation

Describes a societal group or demographic deemed to be experiencing excessive stress or information overload, often due to technology and fast-paced lifestyles.

Carl Jung

A Swiss psychiatrist and psychoanalyst who founded analytical psychology, known for concepts like archetypes, collective unconscious, and personality types.