Other Things Equal, the Demand for a Good Tends to Be

question 169

Multiple Choice

Other things equal, the demand for a good tends to be more inelastic when

• A) there are fewer available substitutes.
• B) a longer time period is considered.
• C) the good is considered a luxury good.
• D) the market for the good is more narrowly defined.

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Definitions:

Balance Sheet

A financial statement that provides a snapshot of a company's financial position at a particular date, reporting assets, liabilities, and equity.

Total Assets

The sum of all resources owned by a company, valued in monetary terms.

Total Liabilities

The sum of all financial obligations or debts that a company owes to external parties.

Accounting Profession

The field involving the measurement, processing, and communication of financial information about economic entities.