Which of the Following Factors Will Make the Demand for a Product

question 101

Multiple Choice

Which of the following factors will make the demand for a product more elastic?

• A) The product has no close substitutes.
• B) A very small proportion of income is spent on the good.
• C) A long time period has elapsed since the product's price changed.
• D) The change in the product's price was unexpected.

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Definitions:

Three-part Test

A methodology involving three criteria used to evaluate a theory or proposition, often found in legal and psychological contexts.

Occupational Requirement

A qualification or condition that is necessary for the performance of a job.

Dismissed

A court's decision to end a case without a trial or judgment, often due to lack of evidence or standing.

Notice

A formal communication or announcement, often required in legal contexts to inform parties of certain actions or decisions.