Asked by Danielle Hatch on Jun 10, 2024
Verified
Which characteristic is NOT true of a good with elastic demand?
A) There is only a short time to adjust to price changes.
B) There are a large number of substitutes.
C) It is a luxury good.
D) It is a specific brand.
Elastic Demand
A situation in which the quantity demanded of a product changes significantly in response to changes in its price.
Luxury Good
High-quality products or services that are not necessary for survival but are purchased for their extravagance or pleasure.
Specific Brand
A unique identification or name for a particular product that differentiates it from others within the same category.
- Identify the differences between elastic, inelastic, and unit elasticity in demand.
- Understand the importance of timing in evaluating the price elasticity of demand.
- Determine the elements impacting demand's price elasticity, such as the presence of alternative products.
Verified Answer
Learning Objectives
- Identify the differences between elastic, inelastic, and unit elasticity in demand.
- Understand the importance of timing in evaluating the price elasticity of demand.
- Determine the elements impacting demand's price elasticity, such as the presence of alternative products.
Related questions
Price and Total Revenue Are Inversely Related When Demand Is ...
When Demand Is Elastic, an Increase in Price Will Result ...
Price and Total Revenue Move in the Same Direction When ...
When Demand Is Unit Elastic, a Decrease in Price Will ...
Total Revenue Increases If Price ________ and Demand Is ________ ...