Which of the Following Is Associated with Inelastic Demand

question 157

Multiple Choice

Which of the following is associated with inelastic demand?

• A)​a limited amount of time for consumers to respond to a price change
• B)​availability of many close substitutes
• C)​large percentage of income spent on the good in question
• D)​all of the above

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.