Which of the Following Causes Demand to Be More Elastic

question 134

Multiple Choice

Which of the following causes demand to be more elastic with respect to price?

• A) Shorter periods of time to adjust to a change in price.
• B) A steeper demand curve for a given price and quantity.
• C) Fewer substitutes.
• D) A high ratio of price to income.

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Definitions:

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or otherwise sensed, a concept crucial in the cognitive development of infants.

Formal Operational

A stage in Piaget's theory of cognitive development, marked by the ability to think abstractly, reason logically, and plan systematically.

Abstract Principles

Fundamental ideas or theories that are not associated with any specific instances or physical objects but serve as the basis for thought and action.

Cognitive Development

The study of how thinking, problem solving, and intelligence evolve as people grow, typically focusing on childhood development stages.