Which of the Following Is a Reason Why the Demand

question 77

Multiple Choice

Which of the following is a reason why the demand curve for an item would be more elastic?

• A) The item is a necessity.
• B) People's incomes are very high relative to the cost of the item.
• C) The item has many very good substitutes.
• D) The cost of the item forms a very small part of the consumer's budgets.

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Definitions:

Telephone Interview

A research or assessment method where questions are asked and answers are obtained via telephone, commonly used in surveys and job screening.

Data Collection

The process of gathering and measuring information on targeted variables in an established systematic fashion, enabling one to answer relevant questions and evaluate outcomes.

Personal Interview

A qualitative research method involving direct face-to-face conversation between the interviewer and respondent to gather information or data.

Data Collection

Data collection is the process of gathering and measuring information on variables of interest, systematically, enabling one to answer stated research questions.