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:

Total Number

The aggregate count of items or entities in a set or group.

Numerical Tables

Structured displays of data organized in rows and columns, often used to present statistical information.

Units

Individual components or segments that can function independently or as part of a larger structure or organization.

Gantt Chart

The best-known type of timeline chart.