Statement I: Over time the demand for most goods becomes more elastic.
Statement II: The more uses a product has,the less elastic its demand.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.

Question

Quizplus · Accepted Answer

Over time, consumers can find substitutes or change their habits, making demand more elastic. However, if a product has more uses, it tends to have more stable demand, making it less elastic.

Statement I: Over Time the Demand for Most Goods Becomes