Which One of the Following Generalizations Is NOT Correct

question 129

Multiple Choice

Which one of the following generalizations is NOT correct?

• A) The demand for luxury goods is relatively elastic.
• B) The demand for necessities is relatively elastic.
• C) The greater the availability of substitutes,the higher the price elasticity of demand.
• D) The higher the price of an item is as compared to a consumer's income the higher the elasticity of demanD.

Recognize the challenges and benefits of various leadership behaviors and styles, including autocratic and participative leadership.

Appreciate the importance of delegation and the risks of micromanagement.

Understand the role of ethical and servant leadership in promoting individual and organizational welfare.

Realize the importance of participative decision making and teamwork in leadership effectiveness.

---

Definitions:

Straight-Line Depreciation

A method of calculating the depreciation of an asset where the cost is evenly spread over its useful life.

Variable Costs

Expenses that vary in relation to the amount of production or business operations.

Cost Concepts

The principles and classifications used to determine the costs of products, services, and activities, enabling businesses to analyze profitability.

Service Companies

Service companies are businesses that provide intangible products or services to consumers or other businesses instead of selling physical goods.