Demand for a Product Is Likely to Be More Price

question 368

Multiple Choice

Demand for a product is likely to be more price inelastic 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 used.
• E)none of the above is true.

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Definitions:

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Letter Of Transmittal

A formal document that accompanies a report, proposal, or other document, summarizing its key points or instructions for its use.

Formality Decreases

The process of making communication more casual, removing rigid structures or traditional formalities.

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Words used in place of nouns to refer to people or things according to their number, person, or gender, such as "I," "you," "he," "she," "it," "we," and "they."