Which of the Following Is Likely to Have the Most

question 191

Multiple Choice

Which of the following is likely to have the most price elastic demand?

• A)Dental floss
• B)Milk
• C)Diamond earrings
• D)Salt

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Definitions:

Taxable Payments

Payments received that are subject to income tax, including wages, salaries, and interest income.

Taxpayer Identification Number

A unique number assigned to taxpayers for identification purposes by the IRS or Social Security Administration, such as a Social Security Number (SSN) for individuals.

Monthly Schedule Depositor

A designation for businesses that are required to deposit employment taxes on a monthly basis due to their tax liability amount.

Semiweekly Schedule Depositor

This term refers to businesses that are required to deposit employment taxes on a semiweekly basis, typically when they have accrued a certain amount of tax liability.