Multiple Choice
If a good has a price-inelastic demand,then which statement is NOT likely to be characteristic of this good?
A) It is a necessity and is relatively small proportion of the household budget.
B) It has many substitutes.
C) Consumers spend a small percentage of their income on it.
D) Consumers do not have much time to adjust to market changes.
Correct Answer:
Verified
Correct Answer:
Verified
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