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:

Indorsement

The act of signing the back of a financial instrument, thereby transferring ownership or validating the document.

Negotiated

Pertains to the process of discussing and reaching an agreement on the terms of a contract, settlement, or understanding between parties.

Nonnegotiable

Nonnegotiable refers to something that cannot be negotiated or altered, such as a fixed term in a contract or a financial instrument with terms that cannot be changed.

Without Recourse

This refers to a provision in an agreement that exempts the seller from liability or obligation to the buyer in case of some failure on the part of the products or services sold.