Which of the Following Tends to Make Demand for a Good

question 99

Multiple Choice

Which of the following tends to make demand for a good more elastic?

• A)A reduction in the number of substitutes for the good.
• B)Consumers have a long time to adjust to a price change.
• C)The amount spent on the good is a small proportion of the consumer's budget.
• D)The good is broadly defined.
• E)The good is a necessity.

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Definitions:

Gig Economy

A labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.

Economic Options

The range of possible choices available to individuals, businesses, and governments in the allocation of resources to meet needs and desires.

Deep Integration

The extent of integration in economic relations and policies beyond removal of tariffs to include harmonization of legal and regulatory systems.

Shallow Integration

Refers to the removal of tariffs and border barriers to facilitate trade between countries, without significantly harmonizing domestic laws and policies.