Multiple Choice
Which of the following statements is true of price elasticity?
A) Elastic products have few substitutes and price changes make little difference in demand.
B) Inelastic products have many substitutes and price changes lower demand.
C) Elasticity is the idea that the market's demand for a product or service is sensitive to changes in its price.
D) Gas for your car is an example of an elastic product.
Correct Answer:
Verified
Correct Answer:
Verified
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