Which of the Following Is a Characteristic of an Item

question 38

Multiple Choice

Which of the following is a characteristic of an item with elastic demand?

• A)A price that accounts for a small percentage of consumers' incomes
• B)A short time period under consideration
• C)A small number of competitors selling the product
• D)Many substitutes
• E)A high cost of production

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Definitions:

Liberia

A country on the West African coast, founded in the 19th century by freed American and Caribbean slaves as a colony for African-American resettlement.

Black Shipbuilder

Refers to an African American or an individual of African descent who is skilled in designing, constructing, and repairing ships.

Freetown

The capital city of Sierra Leone, founded as a home for repatriated African Americans and rescued slaves in the late 18th century.

Colonization

The process by which a country takes control of land and establishes its government, often resulting in the exploitation and displacement of indigenous populations.