A Good That Takes Up a Very Large Percentage of the Consumer's

question 79

Multiple Choice

A good that takes up a very large percentage of the consumer's budget will tend to have

• A) an elastic demand.
• B) a perfectly elastic demand.
• C) an inelastic demand.
• D) an upward-sloping demand curve.
• E) very many substitutes.

---

Definitions:

Personal Property

Assets not permanently fixed to one location, such as furniture, vehicles, and electronics, as opposed to real estate.

Estate in Land

The degree, quantity, nature, and extent of interest a person has in real property, which can range from full ownership to temporary rights.

Lease Agreement

A contract outlining the terms under which one party agrees to rent property owned by another party.

Lessor

The party in a lease agreement that owns the leased property and grants its use to another party, known as the lessee, for a specified period.