A Product That Has an Elastic Demand Curve Has All

question 25

Multiple Choice

A product that has an elastic demand curve has all of the following characteristics EXCEPT

• A) it has many substitutes.
• B) a consumer can wait to buy the product.
• C) it has few or no substitutes.
• D) it is a large part of a consumer's income.

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Definitions:

Calculate

The process of determining a result through mathematical or logical operations.

Formula

A set of symbols that express a mathematical or chemical principle.

SUBSTITUTE

A function in many programming and spreadsheet applications that replaces instances of a specified character or string within a text string with another character or string.

Text

Written or printed words that convey information or ideas.