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Consider the Following Pairs of Goods

Question 197

Essay

Consider the following pairs of goods.In each case,which would you expect to have the more elastic demand
Why
a.water or diamonds
b.insulin or nasal decongestant spray
c.food in general or breakfast cereal
d.gasoline over the course of a week or gasoline over the course of a year
e.personal computers or IBM personal computers

Correct Answer:

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a.Diamonds are luxuries,and water is a n...

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