The Demand for a Good Is More Elastic If the

question 56

Multiple Choice

The demand for a good is more elastic if the

• A) good is a necessity.
• B) good has few substitutes.
• C) good is narrowly defined.
• D) supply of the good is plentiful.
• E) Both answers B and C are correct.

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Definitions:

B2B

Business-to-Business, a type of commercial transaction between businesses, such as one involving a manufacturer and wholesaler or a wholesaler and retailer.

C2C

Consumer-to-consumer, a business model whereby consumers trade with each other, typically through an online platform.

B2C

Business-to-Consumer (B2C) refers to the process of selling products and services directly from businesses to the end-users or consumers.

C2B

Refers to Consumer-to-Business, a model where individuals sell products or services to businesses.