Which of the Following Statements Is True

question 25

Multiple Choice

Which of the following statements is true?

• A)In general, if a product has few substitutes it will have an elastic demand.
• B)The more time that passes the more inelastic the demand for a product becomes.
• C)The demand curve for a necessity is more elastic than the demand curve for a luxury.
• D)The more narrowly we define a market, the more elastic the demand for a product will be.

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Definitions:

Joy of Life

A concept or theme in art and literature that celebrates the pleasure and beauty of being alive, often depicted through vibrant, lively scenes.

Etruscan Fortunes

Refers to the wealth, influence, or fate of the Etruscans, an ancient civilization of Italy.

Etruria

An ancient region of Italy, inhabited by the Etruscans, known for its significant contributions to Roman culture and art.

Rome

The capital city of Italy, rich in history and culture, known for its ancient architecture, art, and as the historical center of the Roman Empire.