Under Which of the Following Conditions Is a Product Most

question 142

Multiple Choice

Under which of the following conditions is a product most likely to have an elastic demand?

• A) Consumers can easily find close substitutes for the product.
• B) The marginal cost of producing the product is equal to its marginal revenue.
• C) A large portion of a person's budget is spent on the product.
• D) The fixed costs associated with producing the product are higher than the variable costs associated with it.

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