Question 61
HardOriginal questionPurchases of a good can be postponed easily, as with a new washing machine. Its demand is likely to be
Show the answer and explanation
CorrectNot quiteAnswer C
Correct answer: C
Explanation
If the price rises, buyers can wait for a better time, so current purchases drop sharply.
- Concept
- Postponement and elasticity
- Typical timeTypical
- 100 s
- Your timeYours
- —
Practise this chapter →
Ten questions from Price Elasticity of Demand, at your own pace.