Related to the Economics in Practice on Page 109: Which

question 86

Multiple Choice

Related to the Economics in Practice on page 109: Which of the following best explains why demand is often more elastic in the long run than it is in the short run?

• A) When demand is elastic, price increases reduce revenue because a small price increase will lead to a large decrease in quantity demanded.
• B) In the long run, consumers have greater access to substitutes.
• C) Consumers tend to postpone making purchasing decisions as long as possible.
• D) In the short run, prices can change rapidly, but in the long run they are more stable.

Recognize the role and impact of technology in business operations.

Understand the concept of e-commerce and its significance in modern business.

Distinguish between value-adding and non-value-adding business activities.

Explain the significance of information systems in various business areas.

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Definitions:

Cuboid

A bone in the foot located between the calcaneus and the metatarsals, participating in stabilizing the foot arch.

Navicular

Refers to the navicular bone in the foot, involved in forming the arch of the foot, or the navicular bone in the wrist.

Medial Malleolus

The bony prominence on the inner side of the ankle, part of the tibia's distal extremity, contributing to the ankle joint's stability.

Lateral Malleolus

The hard protrusion located on the external part of the ankle, which constitutes the bottom portion of the fibula.