An Elastic Response in the Quantity of a Good Demanded

question 209

Multiple Choice

An elastic response in the quantity of a good demanded would be caused by

• A) the availability of many substitutes.
• B) a lack of substitutes.
• C) a lack of sensitivity to the good's price.
• D) the good representing a small portion of a person's budget.

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Definitions:

Larger Chain

A term referring to a retail or hospitality business that operates numerous locations, typically under a single brand or company.

Small Business

A company with limited size and revenue, typically characterized by fewer employees, offering a more personal touch in customer service.

Independently Owned

Refers to a business or entity that is owned by an individual or private group, not controlled by any larger company or conglomerate.

Manufacturing Sector

The segment of the economy concerned with the production of goods through the processing of raw materials and components into finished products.