A Good Will Have a More Inelastic Demand, the

question 71

Multiple Choice

A good will have a more inelastic demand, the

• A)greater the availability of close substitutes.
• B)broader the definition of the market.
• C)longer the period of time.
• D)more it is regarded as a luxury.

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Definitions:

Transform Boundary

A type of fault where tectonic plates slide past one another horizontally, leading to earthquakes but not substantial vertical movement.

Mid-ocean Ridge

An underwater mountain range, formed by plate tectonics, that encircles the globe, marked by volcanic activity and seafloor spreading.

Island Arc

A curved chain of volcanic islands located at a tectonic plate margin, formed by the subduction of an oceanic plate.

Mantles Rise

The upward movement of mantle material in the Earth, often related to thermal convection and tectonic processes.