Which of the Following Statements Is True About Elastic Products

question 95

Multiple Choice

Which of the following statements is true about elastic products?

• A) An elastic product does not have many substitutes or alternatives.
• B) A change in price of elastic products makes very little difference in quantity purchased.
• C) During economic bad times businesses that sell inelastic products close down more often than those that sell elastic products.
• D) Customers will respond to price increases for elastic products much more negatively than for inelastic products.

---

Definitions:

Disclosure

Revealing personal or sensitive information to others.

Pace

The speed or rate at which something happens or is done.

Feedback

Information provided about reactions to a product, a person's performance of a task, etc., used as a basis for improvement.

Group Interaction

The process of communication and interaction that takes place among members of a group, influencing dynamics, decision-making, and individual behavior.