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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Definitions:

Communication Pieces

Various forms of media created to convey messages or information to a specific audience, including brochures, advertisements, and digital content.

Social Media Marketing Integration

This involves the strategy of blending social media tactics seamlessly into an organization’s marketing mix to enhance user engagement and spread brand awareness.

Chatbots

Artificial intelligence systems designed to simulate conversation with human users, typically used in customer service and information retrieval.