Which of the Following Is Likely to Be True of a Product

question 87

Multiple Choice

Which of the following is likely to be true of a product that has a large number of substitutes?

• A) Its income elasticity is likely to be zero.
• B) It is likely to be highly price elastic.
• C) It will be highly valued because of its exclusivity.
• D) Its cost of production is likely to be low.

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Definitions:

Equal Pay

The legal or ethical principle requiring that employees be paid the same wage for similar work regardless of gender, age, ethnicity, or other non-performance related factors.

Comparable Worth

The principle of equal pay for work of equal value, regardless of the gender or status of the worker.

Federal Employment Discrimination Laws

Laws that protect employees from discrimination in the workplace based on race, color, religion, sex, national origin, age, disability, or genetic information.

Closed Shop

A workplace arrangement where only employees who are union members are hired, often found in collective bargaining agreements.