A Good Will Tend to Have a Low Price Elasticity

question 148

Multiple Choice

A good will tend to have a low price elasticity of demand if

• A)the good has few substitutes.
• B)a person spends a high percentage of his or her budget on the good.
• C)a person has a long period of time to adjust to price changes.
• D)the good is a luxury.

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Definitions:

Similar Organizations

Entities that share common goals, structures, or functions, often within the same industry or sector.

Nonprofit Conduct

Behaviors and practices that are considered appropriate, ethical, and effective within nonprofit organizations, focusing on mission fulfillment and accountability.

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