Which of the Following Characteristics Would Describe a Product with an Inelastic

question 148

Multiple Choice

Which of the following characteristics would describe a product with an inelastic demand?

• A)The good is considered a necessity and many substitutes for the product exist.
• B)The good is considered a necessity and few substitutes for the product exist.
• C)The good is considered a luxury and many substitutes for the product exist.
• D)The good is considered a luxury and few substitutes for the product exist.

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