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:

Income Distribution

The way in which a country’s total income is divided among its population, affecting economic equity and standard of living.

Gini Ratio

is a measure of income inequality within a population, ranging from 0 to 1, where 0 signifies perfect equality and 1 reflects absolute inequality.

Gini Ratio

A measure of income or wealth distribution within a population, indicating inequality where a higher ratio suggests greater disparity.

Population B

This term on its own lacks context; typically, it would refer to a specific group or subset within a larger population in a study or model.