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:

Humility

A personal quality characterized by a lack of arrogance or pride and a recognition of one's limitations and the value of others.

Societal Impact

The effect an organization, individual, or action has on the broader social, economic, and environmental context in which it operates.

Leader Empowerment

The process of increasing the capacity of individuals to make choices and to transform those choices into desired actions and outcomes.

Organizational Performance

A measure of how effectively and efficiently an organization achieves its goals and objectives.