Which of the Following Is Not a Determinant of the Price

question 187

Multiple Choice

Which of the following is not a determinant of the price elasticity of demand for a good?

• A)the time horizon
• B)the steepness or flatness of the supply curve for the good
• C)the definition of the market for the good
• D)the availability of substitutes for the good

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Definitions:

Sensation

The process of receiving and interpreting sensory stimuli from the environment through bodily sense organs.

Perception

The cognitive process of interpreting sensory information to understand and interact with the environment.

Top-Down Processing

The use of preexisting knowledge to organize individual features into a unified whole.

Perceptual Set

A psychological factor that influences how an individual organizes and interprets sensory input, based on expectations, emotions, culture, and previous experiences.