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7 Which of the following is characteristic of a product with relatively elastic demand? Multiple Choice Buyers spend a small percentage of their total income

7

Which of the following is characteristic of a product with relatively elastic demand?

Multiple Choice

Buyers spend a small percentage of their total income on the product

Consumers have had only a short time period to adjust to changes in price

The good is regarded by consumers as a necessity

There are a large number of good substitutes for the good

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