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:

Incremental Mind-Set

A belief that abilities and intelligence can be developed through effort, strategies, and persistence.

Entity Mind-Set

The belief that personal qualities are fixed and cannot change, as opposed to a growth mindset that views abilities as developable with effort.

Particular Attribute

A specific quality, trait, or characteristic that distinguishes someone or something from others.

Children's Mind-Set

The attitudes, beliefs, and cognitive approach that children adopt towards learning and problem-solving.