Which of the following statements is true about elastic products?
A) An elastic product does not have many substitutes or alternatives.
B) A change in price of elastic products makes very little difference in quantity purchased.
C) During economic bad times businesses that sell inelastic products close down more often than those that sell elastic products.
D) Customers will respond to price increases for elastic products much more negatively than for inelastic products.
Correct Answer:
Verified
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