Multiple Choice
Which one of the following is TRUE?
A) The relative elasticity of demand decreases as the number of available substitutes increases.
B) Items that take up a small portion of your budget will have a fairly elastic demand.
C) The long-run elasticity of demand for an item will be greater than the short-run elasticity.
D) The demand for items that are labor-intensive in their production methods will be fairly elastic.
Correct Answer:
Verified
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