Which of the Following Is NOT a Determinant of the Price

question 242

Multiple Choice

Which of the following is NOT a determinant of the price elasticity of demand?

• A) the number of producers of the good
• B) the number of substitutes available to buyers
• C) the time consumers have to adjust to a price change
• D) expenditures on the item as a percentage of a consumer's total budget

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Definitions:

Self-Actualizing Tendency

The innate drive towards growth, fulfillment of potential, and realization of one's true self, as outlined in humanistic psychology theories.

Inborn Capacities

Natural abilities or talents that an individual possesses from birth.

Potentialities

Capabilities or possibilities that may come into being or action; latent qualities or abilities that may be developed.

Humanistic Approach

An approach to psychology that emphasizes empathy and stresses the good in human behavior, focusing on the individual's potential and stressing the importance of growth and self-actualization.