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

question 149

Multiple Choice

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

• A)The good is considered a necessity and the price of the product is high relative to the buyer's income.
• B)The good is considered a necessity and the price of the product is low relative to the buyer's income.
• C)The good is considered a luxury and the price of the product is high relative to the buyer's income.
• D)The good is considered a luxury and the price of the product is low relative to the buyer's income.

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Definitions:

Communications Link

A connection between two or more devices that enables them to communicate and share data.

I/O Modules

Components in a PLC system designed to interface inputs (sensors) and outputs (actuators) with the PLC's processor.