Which of the following statements is true of price elasticity?
A. Elastic products have few substitutes and price changes make little difference in demand.
B. Inelastic products have many substitutes and price changes lower demand.
C. Gas for your car is an example of an elastic product.
D. Elasticity is the idea that the market's demand for a product or service is sensitive to changes in its price.
Answer: D
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A) A & B. B) A & C. C) A & D. D) A & E.
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Answer the following statement true (T) or false (F)