Which of the Following Is True

question 161

Multiple Choice

Which of the following is true?
I. The easier it is to find substitutes for a good, the more price elastic the demand for the good is.
Ii. The demand for a good is more price elastic the smaller the proportion of income spent on it.
Iii. If demand is price elastic, lowering the price leads to a decrease in total revenue.

• A)Only i
• B)Only ii
• C)Only iii
• D)i and ii
• E)i and iii

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Definitions:

Organizational Standards

Established benchmarks of quality or expectations for behavior and operations within an organization.

Escalating Commitment

The phenomenon where individuals or organizations continue to invest time, money, or resources into a failing course of action due to previously invested effort.

Allocation Of Resources

The process of distributing available resources among various competing needs or projects.

Emotional Block

Psychological barrier that prevents a person from achieving a desired outcome or expressing emotions effectively.