A Common Determinant of Both the Price Elasticity of Demand

question 17

Multiple Choice

A common determinant of both the price elasticity of demand and the price elasticity of supply for a product is:​

• A)the availability of close substitutes for the product.
• B)the proportion of the consumer's budget spent on the product.
• C)the length of the adjustment period considered.
• D)the additional cost of increasing production.
• E)the availability of substitutes in production for the product.

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Definitions:

Evolutionary Perspective

An approach in various fields that evaluates the adaptive processes and traits of organisms in the context of evolution and natural selection.

Abnormal Behavior

Patterns of emotion, thought, and action deemed pathological for being atypical, disturbing, maladaptive, or unjustifiable.

Adaptive Behavior

The collection of conceptual, social, and practical skills that people learn and use in their daily lives to function effectively and meet societal standards.

Determinists

Philosophers or theorists who believe that all events, including human actions, are ultimately determined by causes external to the will.