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

question 136

Multiple Choice

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

• A)The good has many different uses and many substitutes for the product exist.
• B)The good has relatively few uses and few substitutes for the product exist.
• C)The good is considered a luxury and few substitutes for the product exist.
• D)The good has many different uses and the price of the product is low relative to the buyer's income.

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Definitions:

Area

A measure of the extent of a two-dimensional surface or shape, or the amount of space inside the boundary of a flat (2D) object.

Per-unit Burden

The cost or tax levied on each unit of a good or service.

Sellers

Individuals, companies, or entities that offer goods or services for sale in the market.

Tax

Compulsory contributions to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.