Which of the Following Factors Would Indicate More Elastic Demand

question 159

Multiple Choice

Which of the following factors would indicate more elastic demand?

• A)The good is a necessity, rather than a luxury.
• B)The good represents a small fraction of the budget.
• C)Demand is measured over a longer period of time.
• D)There are few substitutes for the good.

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Definitions:

Full Information

A state in which all relevant data and facts are disclosed, allowing for well-informed decision making.

Good Faith

A principle that denotes sincerity, honesty, and fairness in transactions without the intention of deception.

Key Element

A fundamental component or aspect that is necessary for the functionality or efficacy of a system, document, or process.

Unanimous Consent

Agreement on a matter by all members of a group, committee, or assembly without any opposition.