Of the Following Items, Which Has the Most Inelastic Demand

question 499

Multiple Choice

Of the following items, which has the most inelastic demand?

• A) food
• B) fruit
• C) apples
• D) Gala apples

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Definitions:

Sales Budget

An estimate of the expected sales revenue and the allocation of resources needed to achieve these sales over a specific period.

Master Budget

A comprehensive financial planning document that consolidates all of an organization's budgets, including income, expenses, and capital.

Budgeted Balance Sheet

A financial report projected for the future that outlines a company's expected financial position, including assets, liabilities, and equity at a specific time.

Selling Expense Budget

A projection of the costs associated with selling a product or service, including advertising, sales staff salaries, and commissions.