Demand for a Product Is Likely to Be More Price

question 43

Multiple Choice

Demand for a product is likely to be more price elastic if:

• A)it is considered a necessity.
• B)it has many substitutes.
• C)it has few substitutes.
• D)its price is low relative to a product with which it must be use

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Definitions:

Nationalist Leader

A person who promotes the interests, culture, or independence of their nation, sometimes leading a movement or party.

Emilio Aguinaldo

A Filipino revolutionary, politician, and military leader who is considered to be the first and the youngest President of the Philippines and led Filipino forces during the Spanish-American War and the Philippine-American War.

Philippine Islands

An archipelago of over 7,000 islands in Southeast Asia, governed as a territory of the United States from 1898 until its independence in 1946.

Clayton-Bulwer Treaty

An 1850 agreement between the United States and Great Britain aiming to neutralize Central American territories and stipulate that neither nation would exclusively control a transoceanic canal.