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:

Ascomycota

A phylum of fungi characterized by the formation of spores in a sac-like structure called an ascus.

Zygomycota

A class of fungi characterized by their life cycle including a sexual phase that produces zygospores, often found as molds on food or organic matter.

Economic Importance

The significance of a particular sector, industry, or commodity in contributing to the economic health and growth of a region, country, or global economy.

Fungi

A domain of organisms capable of producing spores that consume organic matter, which includes entities such as molds, yeast, different types of mushrooms, and toadstools.