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:

Employment

The condition of having a job or being employed in a paid position.

Wage Rates

The amount of money paid to a worker per unit of time, such as hourly, daily, or monthly, often subject to negotiations between employers and employees or unions.

Research And Development

Research and Development (R&D) involves activities that companies undertake to innovate and introduce new products or services. It is a crucial component for growing and improving businesses.

Capital Goods

Long-term assets used in the production of goods and services, such as machinery, buildings, and equipment.