Identify the Truthfulness of the Following Statements

question 64

Multiple Choice

Identify the truthfulness of the following statements. I. Demand tends to be more price inelastic when few substitutes for a product exist.
II) Demand tends to be more price elastic when a consumer's expenditure on the product is small.

• A) Both I and II are true.
• B) Both I and II are false.
• C) I is true; II is false.
• D) I is false; II is true.

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Definitions:

Darting

Unpredictable, sudden movements of a vehicle from side to side, often caused by inconsistent road surfaces or improper alignment.

Toe-in

It refers to the alignment adjustment of vehicle wheels in which the front of the tires are closer to each other than the rear, promoting straight-line stability.

Feather-edge Wear

Wear pattern on tires or brakes characterized by a tapered condition where one edge is significantly thinner than the opposite edge, often resulting from improper alignment.

Scuffing

Wear caused by friction between two moving surfaces without adequate lubrication, often seen in engine parts.