The Demand for a Good Is More Price Inelastic If

question 177

Multiple Choice

The demand for a good is more price inelastic if

• A) its price is higher.
• B) the percentage of income spent on it is larger.
• C) it is a luxury good.
• D) it has no close substitutes.

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Definitions:

Grassroots Affiliations

Organizations or movements that originate from the local or community level, typically lacking centralized leadership and emphasizing volunteer-based participation.

Large

Referring to something of significant size, extent, or capacity.

Chronic Disease

A long-lasting condition that can be controlled but not cured, often leading to persistent health challenges.

Online Database

A digital collection of organized information or data, accessible through the internet, allowing users to search, retrieve, and manipulate stored data.