Which of the Following Statements About Price Elasticity of Demand

question 123

Multiple Choice

Which of the following statements about price elasticity of demand most accurate?

• A)The more substitutes a product has,the more likely it is to be price elastic.
• B)Almost all products show price inelasticity.
• C)Nondiscretionary,(necessary)purchases are price elastic.
• D)With inelastic demand,reducing price has a very large impact on revenues.
• E)With inelastic demand,manufacturers change prices frequently to capitalize on consumer behavior.

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Definitions:

Asexual

An individual who does not experience sexual attraction to others.

Sexual Orientation

An enduring pattern of emotional, romantic, or sexual attraction to individuals of the opposite sex, same sex, both sexes, or more, including identities such as heterosexual, homosexual, bisexual, and others.

Heterosexual

Describes an individual who is emotionally, romantically, or sexually attracted to members of the opposite gender.

Gay

Referring to a person who is emotionally, romantically, or sexually attracted to members of the same gender.