Multiple Choice
The price elasticity of demand for apartments is 1.3,while the price elasticity of demand for toothpicks is 0.4.The likely reason for the difference is that
A) there are few substitutes for toothpicks.
B) apartments are chosen over a long period of time.
C) the fraction of income spent on toothpicks is very small.
D) toothpicks are a necessity.
E) apartments are a luxury.
Correct Answer:
Verified
Correct Answer:
Verified
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