In General, a "Big Ticket Item" Such as a House

question 128

Multiple Choice

In general, a "big ticket item" such as a house or new car will

• A)tend to have a more elastic demand than a lower-priced good.
• B)tend to have an inelastic demand because spending on the item takes up a large share of the average consumer's budget.
• C)tend to have an inelastic demand because it has many substitutes.
• D)tend to have a more inelastic demand the more time that passes.

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Definitions:

Prefrontal Cortex

The part of the brain located at the front of the frontal lobes, involved in complex cognitive behavior, personality expression, decision making, and moderating social behavior.

Parietal Lobes

Regions of the cerebral cortex involved in processing sensory information from various parts of the body, understanding spatial orientation, and body awareness.

Brain Abnormalities

Refers to structural or functional deviations in the brain that can lead to various psychological or physical manifestations.

Executive Functioning

A set of mental skills that include working memory, flexible thinking, and self-control, crucial for learning, behavior, and overall daily life management.