Demand for More Expensive Items Tend to Be More Price

question 20

Multiple Choice

Demand for more expensive items tend to be more price _____ because they take up a large share of consumer budgets.

• A) inelastic
• B) unit elastic
• C) zero elastic
• D) elastic

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, designed to harmonize legal standards across states.

Substantial Interest

A significant stake or investment in a matter or entity, indicating a strong concern or potential influence on decisions.

Original Obligor

The party originally obligated to repay a debt or fulfill a contractual obligation before any assignments or transfers of the obligation.

Delegable Duty

A responsibility or duty that can be transferred or assigned from one party to another, often seen in contexts of employment or contractual agreements.