Which of the Following Statements Is Correct

question 197

Multiple Choice

Which of the following statements is correct?

• A)The demand for natural gas is more elastic over a short period of time than over a long period of time.
• B)The demand for smoke alarms is more elastic than the demand for Persian rugs.
• C)The demand for bourbon whiskey is more elastic than the demand for alcoholic beverages in general.
• D)All of the above are correct.

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Definitions:

Unemployment

A situation where an individual who is capable of working and is actively seeking work is unable to find employment.

Income

The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as a profit from financial investments.

Wages

Payment usually received by an employee on a regular basis for services rendered to an employer, often quantified as an hourly, daily, or piecework amount.

Salaries

Regular payments made to employees for their labor, typically based on a fixed annual amount and paid in monthly or biweekly installments.