Demand for a product is likely to be more price inelastic if
A) it is considered a necessity.
B) it has many substitutes.
C) it has few substitutes.
D) its price is low relative to a product with which it must be used.
E) none of the above is true.
Correct Answer:
Verified
Q189: Total cost refers to
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A)the profit made from
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Q197: Elastic demand exists when a(n)
A)a small percentage
Q198: Inelastic demand exists when
A)a small percentage increase
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