Multiple Choice
Suppose the price elasticity of demand for Good A is 2.4 and the price elasticity of demand for Good B is 1.2. Which of the following statements is consistent with these values?
A) Good A is a luxury and Good B is a necessity.
B) Good A is a good several days after a price increase while Good B is that same good several years after the price increase.
C) Good A is ice cream and Good B is mint chocolate chip ice cream.
D) Good A is salt and Good B is college tuition.
Correct Answer:
Verified
Correct Answer:
Verified
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