Which of the Following Would Imply Elastic Demand

question 105

Multiple Choice

Which of the following would imply elastic demand?

• 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:

Consideration

The benefit, interest, or value that must be exchanged between parties in a contract to make it legally binding.

Liable

Legally responsible for an action or outcome, often involving the obligation to make restitution or compensation.

Voluntary Basis

Participation or action taken by an individual or entity without coercion, typically without expectation of payment.

Consideration

An item of worth traded between entities within a contractual agreement, rendering the contract enforceable by law.