Multiple Choice
Which of the following characteristics would describe a product with an inelastic demand?
A) The good is considered a necessity and the price of the product is high relative to the buyer's income.
B) The good is considered a necessity and the price of the product is low relative to the buyer's income.
C) The good is considered a luxury and the price of the product is high relative to the buyer's income.
D) The good is considered a luxury and the price of the product is low relative to the buyer's income.
Correct Answer:
Verified
Correct Answer:
Verified
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