Which of the following characteristics would describe a product with an inelastic demand?
A) The good is considered a necessity and the price of the product is high relative to the buyer's income.
B) The good is considered a necessity and the price of the product is low relative to the buyer's income.
C) The good is considered a luxury and the price of the product is high relative to the buyer's income.
D) The good is considered a luxury and the price of the product is low relative to the buyer's income.
Correct Answer:
Verified
Q144: If your income goes up by 10%
Q145: A 15% decrease in the price of
Q146: Total revenue will rise if
A)demand for a
Q147: Q148: Which is the most accurate statement? Q150: The seller will bear the entire burden Q151: Statement I: A tax increase on a Q152: Which of the following characteristics would describe Q153: Which product will have the most inelastic Q154: Demand is elastic
A)The most
A)when the percentage change in
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