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14 March, 00:10

A product that costs a large portion of an individual's income and is not required for survival is best described as?

a. elastic

b. inelastic

c. unit elastic demand

d. supply elastic

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Answers (1)
  1. 14 March, 00:22
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    The correct answer is letter a. elastic. A product that costs a large portion of an individual’s income and is not required for survival is best described as elastic. Elasticity varies among products because some products may be more essential to the consumer.
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