Which of the Following Is Not Characteristic of a Product

question 79

Multiple Choice

Which of the following is not characteristic of a product with relatively inelastic demand?

• A) The good is regarded by consumers as a necessity.
• B) There are a large number of good substitutes for the good.
• C) Buyers spend a small percentage of their total income on the product.
• D) Consumers have had only a short time period to adjust to changes in price.

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Definitions:

Agents of Destruction

Factors or entities that cause damage or destruction, potentially in various contexts including environmental, social, or physical.

Group Pressure

The influence exerted by a group that encourages individuals to change their attitudes, values, or behaviors to conform to group norms.

Social Control

The mechanisms, strategies, and institutions society employs to persuade or force individuals to conform to social norms and values.

Informational Social Influence

The process of changing one's behavior or beliefs in response to perceived expertise or knowledge of others.