The Statement Which Is Correct About the Price Elasticity of Demand

question 138

Multiple Choice

The statement which is correct about the price elasticity of demand is:

• A) The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good.
• B) The absolute value of the elasticity of demand ranges from zero to one.
• C) Demand is more elastic in the long run than it is in the short run.
• D) Demand is more elastic the smaller the percentage of the consumer's budget the item takes up.

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Definitions:

Reinforcer

Any stimulus that, when presented after a response, increases the likelihood of that response occurring in the future.

Archetype

A universally understood symbol or term or pattern of behavior, a prototype upon which others are copied, patterned, or emulated.

Person Factor

Attributes or characteristics inherent to an individual that can influence behavior and outcomes.

Self-Efficacy

A person's belief in their ability to succeed in specific situations or accomplish a task.