Question 55
MediumOriginal questionDemand for a habit-forming good, such as cigarettes for a regular smoker, tends to be
Show the answer and explanation
CorrectNot quiteAnswer D
Correct answer: D
Explanation
A habit keeps buyers purchasing much the same quantity even when the price rises.
- Concept
- Habits and elasticity
- Typical timeTypical
- 70 s
- Your timeYours
- —
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