Examlex
Which of the following statements is true of caffeine?
Demand
The amount of a product or service that buyers are prepared and capable of buying at different price levels over a specified time frame.
Price Elastic
Price elasticity refers to the degree to which the quantity demanded of a good or service changes in response to a change in its price.
Availability of Substitutes
The presence of alternative products or services that can satisfy the same needs or wants as the original product.
Own Price Elasticity
Measures the responsiveness of the quantity demanded of a good to a change in its own price.
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