If People Have More Time to Adjust to a Price

question 208

Multiple Choice

If people have more time to adjust to a price change,

• A)demand becomes more elastic, and supply becomes less elastic
• B)demand becomes less elastic, and supply becomes more elastic
• C)both supply and demand become less elastic
• D)both supply and demand become more elastic
• E)elasticity of both demand and supply tends toward unity

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Definitions:

Maslow

Known for establishing Maslow's hierarchy of needs, Abraham Maslow was a distinguished American psychologist who proposed that psychological well-being is achieved by meeting innate human needs in a specific order, with self-actualization as the final goal.

Ecstasy

Ecstasy commonly refers to a heightened state of intense joy or happiness, or a synthetic drug known for inducing euphoria and altering perception.

Self-actualizers

Individuals who have fulfilled their potential and have realized their abilities, often associated with Maslow's hierarchy of needs.

Maslow

Abraham Maslow was an American psychologist who is best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.