Other Things Being Equal, Demand Is More Elastic the

question 121

Multiple Choice

Other things being equal, demand is more elastic the

• A) less expensive the good.
• B) shorter the time period for adjustment.
• C) larger the percentage of a total budget that a family spends on the good.
• D) more unique the good is.

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Definitions:

Mathematical Expression

An arrangement of numbers, symbols, and operators designed to represent a value or concept in mathematics.

Exponentiation

A mathematical operation involving two numbers, the base and the exponent, where the base is multiplied by itself the exponent number of times.

Mathematical Expression

A combination of numbers, symbols, and operators (such as +, -, *, /) that represents a quantitative relationship or value.

Present Value Calculation

A formula used to determine the current value of a sum of money to be received in the future, accounting for a specific interest rate.