If a Product Has Only a Few Acceptable Substitutes, Demand

question 14

Multiple Choice

If a product has only a few acceptable substitutes, demand for the product is most likely to be

• A) very inelastic.
• B) inelastic.
• C) elastic.
• D) very elastic.

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Definitions:

Note Payable

An obligation in the form of a written promissory note requiring the borrower to repay the lender a specific sum of money on demand or at a predetermined date.

Interest Payable

This is the amount of interest expense that has accumulated but not yet been paid by a company.

Treasurer's Department

The treasurer's department is responsible for managing a company's financial assets, including cash flow, investments, and corporate financing.

Approving The Payroll

The process of verifying the accuracy of employees' pay before distribution.