Kuo SHuang Estimated the Elasticity of Demand for Beef to Be

Multiple Choice

Kuo S.Huang estimated the elasticity of demand for beef to be 0.62 and the elasticity of demand for milk to be 0.04.Which of the following would be an explanation of the difference in elasticities?

A) Milk comprises a greater portion of one's expenditure than does beef.
B) Milk has fewer substitutes than does beef.
C) Milk is less of a necessity than beef.
D) Milk is more specifically defined than beef.
E) Milk has more substitutes than does beef.