Which of the Following Would Imply Demand Would Be Elastic

question 63

Multiple Choice

Which of the following would imply demand would be elastic?

• A) price is low relative to purchasing power
• B) nondurable product
• C) low inflation rate
• D) many substitute products
• E) all of these choices

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Definitions:

Checking Account

A bank account that allows depositors to write checks and make withdrawals, often used for daily financial transactions.

Drawer's Account

Refers to the account from which a check is drawn; the account belongs to the drawer (the person who writes the check).

Payee

A payee is a person or organization to whom money is paid or is to be paid.

Check

A written order instructing a bank to pay a specified amount of money from the writer's account to the person or entity in whose name the check has been issued.