Which of the Following Statements Is True

question 25

Multiple Choice

Which of the following statements is true?

• A)In general, if a product has few substitutes it will have an elastic demand.
• B)The more time that passes the more inelastic the demand for a product becomes.
• C)The demand curve for a necessity is more elastic than the demand curve for a luxury.
• D)The more narrowly we define a market, the more elastic the demand for a product will be.

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Definitions:

Generic Name

A drug’s official name.

Debit Postings

Accounting entries that increase an asset or expense account, or decrease equity, liability, or revenue accounts.

Credit Postings

Entries that increase liabilities, revenue, or equity accounts, or decrease asset or expense accounts.

T Account

A skeleton version of a standard account, used for demonstration purposes.