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:

Goals

Targets or objectives that a person or organization aims to achieve.

Abilities

The competency or skill sets that an individual possesses, enabling them to perform various tasks or activities.

Reasons

Justifications or explanations for actions or beliefs.

Half-lives

The time required for half of a particular substance or entity to undergo a process, such as radioactive decay.