Demand for a Product Is Likely to Be More Price

question 213

Multiple Choice

Demand for a product is likely to be more price elastic if

• A) it is considered a necessity.
• B) it has many substitutes.
• C) it has few substitutes.
• D) it requires a small cash outlay.
• E) none of the above is true.

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Definitions:

High Income

A term referring to significantly higher earnings compared to the average level for a given area, group, or context.

On-The-Job Frustrations

The feelings of dissatisfaction or stress experienced by individuals due to aspects of their work or work environment.

Important

Signifies something of great significance or value.

Corporate Value

Fundamental beliefs or principles that guide a company’s operations, behaviours, and decision-making processes.