When Will a Good Have a More Inelastic Demand

question 13

Multiple Choice

When will a good have a more inelastic demand

• A)when the availability of close substitutes is greater
• B)when the definition of the market is narrower
• C)when the period of time is longer
• D)when the good is considered a necessity

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Definitions:

Federal Unemployment Taxes

Taxes imposed on employers to fund the federal government's oversight and support of state unemployment insurance programs.

Employer

An individual or organization that hires and pays for the services of employees in exchange for their labor.

General Journal Entry

A record in the accounting journal that represents a specific financial transaction, detailing the accounts affected and the amounts involved.

Payroll

The total amount of wages, salaries, bonuses, and deductions a business pays to its employees.