Multiple Choice
Which of the following characteristics would describe a product with an elastic demand?
A) The good has many different uses and many substitutes for the product exist.
B) The good has relatively few uses and few substitutes for the product exist.
C) The good is considered a luxury and few substitutes for the product exist.
D) The good has many different uses and the price of the product is low relative to the buyer's income.
Correct Answer:
Verified
Correct Answer:
Verified
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