Which of the Following Is Not Characteristic of a Product

question 68

Multiple Choice

Which of the following is not characteristic of a product with relatively inelastic demand?

• A)The good is regarded by consumers as a necessity.
• B)There are a large number of good substitutes for the good.
• C)Buyers spend a small percentage of their total income on the product.
• D)Consumers have had only a short time period to adjust to changes in price.

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Definitions:

Biologically Based Therapies

Treatments that use substances found in nature, such as herbs, foods, and vitamins, often part of complementary and alternative medicine.

Osteoarthritis

A chronic joint condition characterized by the breakdown of cartilage, leading to pain, stiffness, and reduced mobility.

Tai Chi

A form of martial arts originated from China, known for its health benefits, including stress reduction and improvement in balance and flexibility.