Which of the Following Statements Is TRUE

question 28

Multiple Choice

Which of the following statements is TRUE?

• A)A test is a measurement instrument used to assess individual differences in various content areas.
• B)An aptitude test measures an individual's competence in an area.
• C)An achievement test measures an individual's potential to do something.
• D)All of these statements are true.

Distinguish between elastic, inelastic, and unitary elasticity of demand.

Identify factors that affect the elasticity of demand for goods and services.

Understand how the time period affects the elasticity of demand.

Comprehend the effects of market definitions and availability of substitutes on demand elasticity.