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Price Elasticity of Demand · Question 53 of 62

Question 53

MediumOriginal question

A good that can be put to many uses, such as electricity, has demand that is

Options for question 53

Show the answer and explanation
CorrectNot quiteAnswer B

Correct answer: B

Explanation

  1. When its price falls, it is used in more ways, and when it rises, the less important uses are dropped.

  2. So quantity responds more to price than for a single-use good.

Concept
Number of uses and elasticity
Typical time
70 s
Your time
—
The rule this testsWhat decides elasticity
Practise this chapter →

Ten questions from Price Elasticity of Demand, at your own pace.

Practise this chapter →

Ten questions from Price Elasticity of Demand, at your own pace.