Multiple Choice
Which of the following is a characteristic of an item with elastic demand?
A) A price that accounts for a small percentage of consumers' incomes
B) A short time period under consideration
C) A small number of competitors selling the product
D) Many substitutes
E) A high cost of production
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q33: A product has elastic demand if, when
Q34: Total revenue decreases if price increases and
Q35: If a good is considered to be
Q36: Consider two demand curves with different slopes.
Q37: If a $1 increase in price changes
Q39: Calculate the price elasticity of demand if
Q40: Suppose that the price of product B
Q41: Rent control for apartments in New York
Q42: Suppose the government sets beef prices, which
Q43: The price elasticity of supply is a