The Fundamental Determinant of the Elasticity of Demand for a Good

question 259

Multiple Choice

The fundamental determinant of the elasticity of demand for a good is:

• A) the opportunity cost of producing the good.
• B) the value that consumers place on one more unit of the good.
• C) how easy it is to substitute the good for another.
• D) the number of consumers in the market.

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Definitions:

Higher-Order Conditioning

A process in classical conditioning in which a conditioned stimulus is paired with a new neutral stimulus, creating a second (often weaker) conditioned response.

Generalization

The process by which an animal or a person responds to a new stimulus in a way that's similar to how they responded to a previously encountered stimulus.

Operant Conditioning

An approach to education that utilizes incentives and penalties to shape behavior.

Conditioned Taste Aversions

A learned response where an individual avoids a food after a negative experience, demonstrating how tastes become associated with illness or discomfort.