Question 54
MediumOriginal questionWhich good is likely to have the most elastic demand?
Show the answer and explanation
CorrectNot quiteAnswer A
Correct answer: A
Explanation
One brand of biscuits has many close substitutes in other brands.
Salt and matchboxes are cheap necessities and life-saving medicine has no substitute, so their demand is inelastic.
- Concept
- Comparing elasticities
- Typical timeTypical
- 70 s
- Your timeYours
- —
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