Goods That Are Specifically Made for the Buyer and Are

question 9

Multiple Choice

Goods that are specifically made for the buyer and are of such an unusual nature that they are not suitable for trade in the ordinary course of the seller's business are called _____.

• A) auction goods
• B) nonresellable goods
• C) resellable goods
• D) speciality goods

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Definitions:

Inelastic Demand

A situation where the quantity demanded of a good or service changes little when its price changes.

Close Substitutes

Products or services that can easily replace each other in the eyes of the consumer, resulting in high cross-elasticity of demand.

Grape-Flavored

An adjective describing products, often food or beverages, that mimic the taste of grapes.

Midpoint Method

A technique used in economics to measure the elasticity of a variable without the influence of the starting and ending points.