At High Price Levels,demand Tends to Be ________ and the Price

question 76

Multiple Choice

At high price levels,demand tends to be ________ and the price effect is ________,relative to the output effect.

• A) inelastic; small
• B) inelastic; large
• C) elastic; small
• D) elastic; large
• E) inelastic; insignificant

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Definitions:

Developing Norms

Rules or standards of behavior that are evolving or being established within a group or society.

Immediate Family

Consists of one's closest relatives, such as parents, siblings, and children, often considered the first social unit an individual belongs to.

Subjective Validity

The perception that a belief or opinion is true based on personal experiences and emotions.

Social Norms

Rules that a group uses for appropriate and inappropriate values, beliefs, attitudes, and behaviors.