Petrol Has Inelastic Price Elasticity of Demand in Both the Short

question 76

Multiple Choice

Petrol has inelastic price elasticity of demand in both the short and long run but chinaware has elastic price elasticity of demand in the both short and long run because:

• A) petrol is more important than chinaware.
• B) petrol is a necessity and chinaware is a luxury.
• C) petrol cannot be compared to chinaware.
• D) petrol is a luxury and chinaware is a necessity.

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Definitions:

Repeated Trials

The process of conducting an experiment or assessment multiple times to ensure reliability and accuracy of the results.

Learning

The process of acquiring knowledge or skills through study, experience, or being taught.

Conditioned Response

A learned response to a previously neutral stimulus that has become associated with an unconditioned stimulus through conditioning.

Classical Conditioning

A learning process where an originally neutral stimulus becomes associated with a particular response through conditioning.