Which of the Following Makes Demand Less Elastic

question 197

Multiple Choice

Which of the following makes demand less elastic?

• A) the existence of many close substitutes for the good
• B) spending a large proportion of income on the good
• C) a short time elapsing since the product's price changed
• D) All of the above answers are correct.

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Definitions:

Giftedness

A term used to describe individuals, particularly children, who demonstrate exceptional natural abilities in one or more domains.

Less Happy

Describes a state of being where an individual feels lower levels of happiness compared to a previous state or to others.

Less Popular

Referring to something that does not enjoy widespread acclaim or favor among a general population or specific group.

Crystallized Intelligence

The ability to use skills, knowledge, and experience, which does not equate to memory but to utilizing learned knowledge and experience.