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:

First Offence

An individual's initial violation of a rule or law, typically considered when determining penalties or consequences.

Smoking

The act of inhaling and exhaling the smoke of burning tobacco or other substances, typically found in cigarettes, cigars, or pipes.

Health and Safety

Practices and policies implemented to ensure the physical well-being of employees in the workplace.

Safety Committee

A group within an organization responsible for promoting health and safety in the workplace, often by identifying risks and proposing measures to reduce them.