Which of the Following Factors Would Indicate a More Elastic

question 225

Multiple Choice

Which of the following factors would indicate a more elastic demand?

• A) The good is a necessity, rather than a luxury.
• B) The good represents a small fraction of the budget.
• C) Demand is measured over a longer period of time.
• D) There are few substitutes for the good.

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Definitions:

Steamboat

A boat that is propelled by a steam engine, playing a crucial role in the 19th-century development of river and coastal transport.

Commerce

The activity of buying and selling goods and services, especially on a large scale, involving transportation, finance, and marketing.

Transcontinental Railroad

The railway system that connected the eastern and western parts of the United States, completed in 1869, facilitating widespread economic growth and settlement.

Canals and Steamboats

Key components of the early industrial transportation network, where canals allowed for the movement of goods through waterways and steamboats provided powerful and reliable river transportation.