Answer:
D. the greater the availability of close substitutes.
Explanation:
Price elasticity of demand is a measure of the sensitivity of demand for a good or service to changes in the price of that product. We say that the price elasticity of demand is elastic when a percentage change in the price of this good has major impacts on demand. On the contrary, we say that the price elasticity of demand is inelastic when variations in the price of goods have little or no influence on demand.
Goods that are inelastic in demand are usually consumer-essential goods for which there are few substitution options, such as a cancer drug. On the contrary, elastic goods are those whose price variations diminish the demand for a range of substitute goods. For example, if the price of rice goes up, people may demand spaghetti, which is a substitute good.Therefore, goods with a large number of substitutes tend to have price elastic demand.
The correct answer is the fourth century B.C.
The <span>three branches of government (the legislative, executive, and judicial) originated in the 4th century B.C. when the philosopher, Aristotle, described the three agencies and powers the government holds. Since then, this model of government is prevalent and dominant throughout the world. </span>
The concept of the three continents in the Old World, viz. Asia, Africa, and Europe, goes back to classical antiquity. Their boundaries as defined by Ptolemy and other geographers of antiquity were drawn along the Nile and Don rivers.
The following quote, “When the legislative and executive powers are united in the same person, or in the same body of magistrates, there can be no liberty; because apprehensions may arise, lest the same monarch or senate should enact tyrannical laws, to execute them in a tyrannical manner.” expresses the idea of
D. SEPARATION OF POWERS
