Question 53
MediumOriginal questionA good that can be put to many uses, such as electricity, has demand that is
Show the answer and explanation
CorrectNot quiteAnswer B
Correct answer: B
Explanation
When its price falls, it is used in more ways, and when it rises, the less important uses are dropped.
So quantity responds more to price than for a single-use good.
- Concept
- Number of uses and elasticity
- Typical timeTypical
- 70 s
- Your timeYours
- —
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