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.

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Definitions:

Sockets

Endpoints for sending and receiving data across a network, allowing for communication between different processes or systems.

JavaBean Model

A reusable software component model in Java that allows the creation and manipulation of reusable components.

Components

In computing, components are reusable software or hardware parts that can be integrated to form a more complex system.

Enterprise JavaBeans

A managed, server-side component architecture for modular construction of enterprise applications.