Multiple Choice
Which is not characteristic of a product with relatively inelastic demand?
A) The good is regarded by consumers as a necessity.
B) There are a large number of good substitutes for the good.
C) Buyers spend a small percentage of their total income on the product.
D) Consumers have had only a short time period to adjust to changes in price.
Correct Answer:
Verified
Correct Answer:
Verified
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