Asked by
Loveleen Sandhu
on Nov 30, 2024
Verified
Statement I: Over time the demand for most goods becomes more elastic.
Statement II: The more uses a product has,the less elastic its demand.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Elasticity
A measure in economics that denotes the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.
Product Uses
The various applications or purposes for which a product is intended or can be utilized by consumers.
- Determine the elements affecting the elasticity of both demand and supply.
Verified Answer
ED
Learning Objectives
- Determine the elements affecting the elasticity of both demand and supply.