Which of the Following Statements Is True

question 25

Multiple Choice

Which of the following statements is true?

• A)In general, if a product has few substitutes it will have an elastic demand.
• B)The more time that passes the more inelastic the demand for a product becomes.
• C)The demand curve for a necessity is more elastic than the demand curve for a luxury.
• D)The more narrowly we define a market, the more elastic the demand for a product will be.

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Definitions:

Perfected Security

A security interest in a collateral that is legally binding and has been properly filed or registered, affording the creditor priority over other claimants.

Fixtures

In real estate, fixtures are items of personal property that are attached or fixed to the land or building in such a way that they become part of the real property.

Perfected

A legal term indicating that an interest or lien on a property has been legally completed and registered, making it enforceable against third parties.

Goods

Tangible personal property, which includes physical items that can be seen, touched, and possessed.