Which of the Following Would Result in a Higher Absolute

question 97

Multiple Choice

Which of the following would result in a higher absolute value of the price elasticity of demand for a product?

• A)A wide variety of substitutes are available for the good.
• B)The time period under consideration is short.
• C)The good is a necessity.
• D)The expenditure on the good is small relative to one's budget.

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Definitions:

Administrator

A manager in a public or nonprofit organization.

Accountability

The obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner.

Henry Mintzberg

A renowned management theorist known for his work on business strategy and organizational structures.

Managerial Roles

involve the functions and responsibilities assumed by managers in steering organizations toward their objectives.