Which of the Following Would Not Be a Characteristic of a Good

question 16

Multiple Choice

Which of the following would not be a characteristic of a good with an elastic demand?

• A)The product lacks unique features that differentiate it from competing products
• B)The product is a high percentage of a consumer's total expenditures
• C)The good is an input used to make a product that is sensitive to changes in price
• D)There are many substitutes available for the good
• E)The product has high switching costs

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Definitions:

Samsung Galaxy

A series of computing and mobile computing devices designed, manufactured and marketed by Samsung Electronics.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a factor, such as labor or capital, in the production process.

Hearing Aid

A small electronic device worn in or behind the ear that amplifies sound for people with hearing impairments.

Worker

An individual engaged in a specific task or job, usually for payment, contributing to the production process in an economy.