Multiple Choice
The demand for salt is
A) inelastic because there are few substitutes for salt and it represents a large percentage of a consumer's budget.
B) inelastic because there are many substitutes for salt and it represents a large percentage of a consumer's budget.
C) inelastic because there are few substitutes for salt and it represents a small percentage of a consumer's budget.
D) elastic because there are no substitutes for salt and it represents a large percentage of a consumer's budget.
E) elastic because there are many substitutes for salt and it represents a large percentage of a consumer's budget.
Correct Answer:
Verified
Correct Answer:
Verified
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