Identify the Truthfulness of the Following Statements

question 64

Multiple Choice

Identify the truthfulness of the following statements. I. Demand tends to be more price inelastic when few substitutes for a product exist.
II) Demand tends to be more price elastic when a consumer's expenditure on the product is small.

• A) Both I and II are true.
• B) Both I and II are false.
• C) I is true; II is false.
• D) I is false; II is true.

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Definitions:

Achievement Needs

An individual's need for success and accomplishment, often driving motivation and goal-oriented behavior.

Safety Needs

A level in Maslow's hierarchy of needs that encompasses security, protection, and freedom from fear and anxiety.

Gender-Neutral

A term that refers to language and practices that avoid discrimination by not distinguishing roles according to people's sex or gender.

Homeostasis

The process by which living organisms regulate their internal environment to maintain stable, optimal conditions.