Which of the Following Is Most Likely to Be a Characteristic

question 103

Multiple Choice

Which of the following is most likely to be a characteristic of a product with elastic demand?

• A) The amount spent on the product is a relatively large percentage of consumer's income.
• B) There are very few substitutes for the product.
• C) There is a short time period under consideration.
• D) The product is considered a necessity.
• E) There are a small number of competitors from which to purchase the product.

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Definitions:

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Activities, interests, or responsibilities that individuals engage in outside of their professional duties or employment.

Sustainable Competitive Advantage

A unique attribute or position a company sustains over time, which allows it to outperform competitors.

Competitive Advantage

A condition that allows a company or country to produce goods or services at a lower price or in a more desirable fashion for customers.

Consulting Company

A business that provides expert advice to other organizations or individuals in a professional field.