Multiple Choice
Demand for McDonald's hamburgers is more elastic than demand for hamburgers made at home because
A) the percentage of the household budget spent on hamburgers is small.
B) hamburgers are a luxury.
C) there are more close substitutes for McDonald's hamburgers than there are for hamburgers made at home.
D) McDonald's hamburgers are a necessity.
Correct Answer:
Verified
Correct Answer:
Verified
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