Which Goods Have More Elastic Demands

question 290

Multiple Choice

Which goods have more elastic demands?

• A) goods with many substitutes
• B) goods which are necessities
• C) goods with few substitutes
• D) goods whose purchase represents a small percentage of income

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Definitions:

Privileged Classes

Social groups that have advantages or benefits over others due to factors like wealth, race, or gender, often systemic and historical in nature.

Legal Reasoning

The process of applying laws to specific facts in order to reach a logical, legal conclusion or decision by interpreting statutes, judicial decisions, and constitutional provisions.

Bicycle Sales

The commercial activity of selling bikes and related accessories.

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A document containing assertions or facts that is confirmed by the signature of the author, affirming the truthfulness of its contents.