Which Is Not Characteristic of a Product with Relatively Inelastic

question 136

Multiple Choice

Which 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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