The More Time People Have to Adjust to a Price

question 100

Multiple Choice

The more time people have to adjust to a price change:

• A) the less elastic their demand will be.
• B) will not affect the elasticity of their response unless it is a luxury good.
• C) the more elastic their demand will be.
• D) will not affect the elasticity of their response unless the good is a necessity.

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Definitions:

Natural Attrition

The reduction in workforce size through normal means, such as retirement or resignation, without the need for layoffs.

Labor Shortage

A situation where there are not enough qualified candidates to fill the available job positions within a market or industry.

Temporary Employees

Workers hired for a fixed short-term period or for the completion of a specific project, often through staffing agencies.

Sales Targets

Specific goals set for a salesperson or sales team to achieve in a defined period, used to measure performance and success.