Which of the Following Is Associated with Inelastic Demand

question 157

Multiple Choice

Which of the following is associated with inelastic demand?

• A)​a limited amount of time for consumers to respond to a price change
• B)​availability of many close substitutes
• C)​large percentage of income spent on the good in question
• D)​all of the above

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Definitions:

Advance Payment

Money paid before it is due or for goods or services before they are received.

Adjusting Entries

At the conclusion of an accounting cycle, entries recorded to accurately distribute revenues and costs to their respective periods.

Office Supplies

Consumable items used in offices for daily operations, such as paper, pens, and staplers.

Wages Earned

Refers to the total amount of wages that have been earned by employees for their work during a particular period, regardless of whether they have been paid.