27. Cadbury Chocolate has many close Substitutes, how will this affect its demand * 1 point A. Demand will be Inelastic B. Demand will be Elastic C. Demand will be unbothered D. None of the above 28. Which of the following products would you expect to have an inelastic demand in the short term? * 1 point A. Nokia mobile phones B. Gasoline C. Playstation 2 D. White wine 16. When the percentage change in quantity demanded is greater than the percentage change in price of the commodity, the demand for the commodity is said to be 1 point A. perfectly elastic B. unitary elastic C. Inelastic D. elastic 4. If the price of K declines, the demand curve for the complementary product J will * 1 point A. shift to the left. B. decrease. C. shift to the right. D. remain unchanged. 25. Elasticity is greater than one but is less than or equal to infinity...... * 1 point A. Can be illustrated with a vertical demand curve. B. Can be illustrated with a horizontal demand curve. C. Has a value of zero. D. Has a value of one. 6. When the price of a product falls by 10% and its demand rises by 30%, then the elasticity of demand is __. * 1 point A. 13 B. 3 C. 10 D. 30 10. When the elasticity of demand for a commodity is very low, it shows that the product ________. * 1 point A. Has little importance in the total budget B. Is a luxury good C. Is a necessity D. None of the above