The Demand for a Product Is Likely to Be More

question 99

Multiple Choice

The demand for a product is likely to be more elastic when

• A) the share of the total budget spent on the product is small.
• B) more complementary products are available.
• C) the consumer has a short time to adjust to price changes.
• D) more good substitutes for the product are available.

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Definitions:

Particular Industry

A specific sector of the economy or category of businesses related by a common business interest.

Discriminated Against

Refers to being treated unfairly or less favorably on the basis of personal characteristics, such as race, gender, age, or sexual orientation.

Human Rights Code

A legal document which outlines the fundamental rights and freedoms that individuals are entitled to.

Employment Standards Act

This refers to legislation that sets out minimum employment standards within a jurisdiction, covering wages, hours, vacations, and other workplace entitlements.