Multiple Choice
If a product is a necessity and has no substitutes at all, demand for the product is most likely to be
A) very inelastic.
B) inelastic.
C) unit elastic.
D) elastic.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q87: The income elasticity of demand is<br>A) the
Q88: Firms like to know the price elasticity
Q89: Suppose that in a month the price
Q90: If consumers have a long time to
Q91: Suppose that the income elasticity of demand
Q93: Suppose that in a month the price
Q94: Which of the following products has the
Q95: Suppose that in a month the price
Q96: As we move upward along a linear
Q97: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6799/.jpg" alt=" Figure 4.4 -In