Essay
Consider the following pairs of goods. For which of the two goods would you expect the demand to be more price elastic? 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:
Verified
a.
Diamonds are luxuries, and water is a...View Answer
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Correct Answer:
Verified
Diamonds are luxuries, and water is a...
View Answer
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