Multiple Choice
The demand for a pack of gum is ______________ than is the demand for a steak because _______________.
A) less price elastic; a pack of gum requires a smaller portion of one's income.
B) more price elastic; a pack of gum requires a smaller portion of one's income.
C) less price elastic; a pack of gum is more of a luxury.
D) more price elastic; a pack of gum is more of a luxury.
Correct Answer:
Verified
Correct Answer:
Verified
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