Question 51
MediumOriginal questionDemand for a good on which buyers spend a large share of their income tends to be
Show the answer and explanation
CorrectNot quiteAnswer C
Correct answer: C
Explanation
A price change on a big item makes a big dent in the budget, so buyers react strongly.
- Concept
- Share of income and elasticity
- Typical timeTypical
- 70 s
- Your timeYours
- —
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