Which of the Following Is Associated with a Less Elastic

question 65

Multiple Choice

Which of the following is associated with a less elastic demand curve?

• A)​availability of many close substitutes
• B)​a greater amount of time for consumers to respond to a price change
• C)​a smaller percentage of income spent on the good in question
• D)​all of the above

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Definitions:

Word-of-Mouth

The process by which consumers share information and opinions about products or services, typically considered a powerful form of marketing.

Profit Margins

A financial metric that indicates the percentage of revenue that remains as profit after accounting for costs and expenses.

Sales

The exchange of goods or services for money, constituting a basic activity and measure of success for most businesses.

Expenses

Costs incurred by a business or individual in the process of earning revenue.