Which of the Following Statements About Price Elasticity of Demand

question 157

Multiple Choice

Which of the following statements about price elasticity of demand is most accurate?

• A)The more substitutes a product has,the more likely it is to be price elastic.
• B)All products show some price inelasticity.
• C)Nondiscretionary (necessary)purchases are price elastic.
• D)With inelastic demand,reducing price has a very large impact on revenues.
• E)With inelastic demand,manufacturers change prices frequently to capitalize on consumer behavior.

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