If a Good Has a Price Inelastic Demand, Then Which

question 57

Multiple Choice

If a good has a price inelastic demand, then which of the following is not likely to be characteristic of this good?

• A) The good is a necessity and is relatively unimportant in the household budget.
• B) There are many substitutes for the good.
• C) Consumers spend a small percentage of their income on the good.
• D) Consumers do not have much time to adjust to market changes.

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Definitions:

Occupational Success

The achievement of desired career outcomes, often measured by advancements, recognition, and satisfaction in one's professional life.

Vocational Interests

Preferences and inclinations individuals have towards certain professions or career paths.

Personality Psychology

Personality psychology is the study of individual differences in characteristic patterns of thinking, feeling, and behaving.

Organizational

Organizational pertains to the structure and coordination of the activities of a group or entity towards achieving its goals.