Holding everything else constant, the demand for a good tends to be more elastic
A) the more substitutes there are for the good.
B) the less important the product is in consumers' budgets.
C) the shorter the time period involved.
D) the more consumers perceive the good to be a necessity.
A
You might also like to view...
Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. During Period 4, output per capital is equal to
A. 0.35. B. 1.77. C. 2.88. D. 4.6.
Sellers of a product will bear the larger part of the tax burden, and buyers will bear a smaller part of the tax burden, when the
a. tax is placed on the sellers of the product. b. tax is placed on the buyers of the product. c. supply of the product is more elastic than the demand for the product. d. demand for the product is more elastic than the supply of the product.