Which of the Following Is a Determinant of the Price

question 129

Multiple Choice

Which of the following is a determinant of the price elasticity of demand for an item?

• A) the availability of a close substitute for the item
• B) the percentage of a consumers budget allocated to expenditures on the item
• C) the amount of time available to adjust to a change in the price of the item
• D) All of the above are correct.

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Definitions:

Carl Jung

A Swiss psychiatrist and psychoanalyst who founded analytical psychology, known for concepts like archetypes, the collective unconscious, and individuation.

Mores

Are core norms that most people believe are essential for the survival of their group or their society.

Laws

A system of rules created and enforced through social or governmental institutions to regulate behavior.

Folkway

Norms for routine or casual interaction that are not morally significant but shape daily behavior.