7
QuizMultiple Choice

Case Study: Starting a Business — Unit test

Question 7 • 2027 Ignite Financial Literacy-Personal Finance - EL3403

Which is likely to occur if there is a price increase for a good which exhibits elastic demand?

Answer
A
People might buy a more expensive substitute good.
B
People might buy a less expensive complementary good.
C
People might buy a less expensive substitute good.
D
People might buy a more expensive complementary good.
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