Demand for a Good Will Tend to Be More Price

question 22

Multiple Choice

Demand for a good will tend to be more price elastic if it exhibits which of the following characteristics?

• A)It accounts for a small part of the consumer's total income.
• B)The good has many available substitutes.
• C)It is a non-durable (as opposed to a durable good).
• D)There is little time for the consumer to adjust to the price change.

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Definitions:

Modal Class

The category or class interval in a dataset that appears most frequently.

Histogram

A graphical representation of the distribution of numerical data, often used to visualize the frequency of data within bins.

Observations

Data points or values collected through measurement or research in a study.

Modal Class

The category or interval in a set of data with the highest frequency, often used in analyzing categorical or grouped numerical data.