​Since Demand Is More Inelastic for Products That Represent a Smaller

question 5

Multiple Choice

​Since demand is more inelastic for products that represent a smaller share of your income,which one of the following is true?

• A)​the demand for shoe laces is more elastic than the demand for shoes
• B)The demand for oil changes is more inelastic than the demand for cars
• C)the demand for ear buds is more elastic than the demand for ipods
• D)​the demand for Salt has a more elastic than the demand than meat

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Definitions:

Social Responsibility

The ethical framework suggesting that entities, whether individuals or organizations, are obligated to act for the benefit of society at large.

Discretionary Responsibilities

Tasks or responsibilities assigned to employees that require them to use their judgment and make decisions within their area of authority.

Biodegradable Packaging

This is packaging made from materials that can break down and decompose naturally in the environment, minimizing pollution.

Corporate Social Responsibility (CSR)

A strategy in business that promotes sustainable development through the provision of economic, social, and environmental advantages for every stakeholder involved.