Which of the following would imply elastic demand?
a. Price is low relative to purchasing power
b. Nondurable product
c. Low inflation rate
d. Many substitute products
e. All of these choices
ANSWER: d
Which of the following would imply elastic demand?
a. Price is low relative to purchasing power
b. Nondurable product
c. Low inflation rate
d. Many substitute products
e. All of these choices
ANSWER: d