Asked by
Lillian Hoyer
on Dec 11, 2024
Verified
Economists would say that the demand for tacos is
A) relatively inelastic because there are very few close substitutes available.
B) relatively elastic because there are many substitutes for tacos.
C) increasing because of reports of Mad Cow Disease.
D) relatively inelastic because its demand curve is flatter.
Inelastic
This refers to a lack of sensitivity in the quantity demanded or supplied when the price changes.
Elastic
Describes a situation in economics where the demand or supply for a good or service significantly changes in response to a change in price.
- Comprehend the relationship between price changes and consumer behavior.
- Understand the role of consumer income and preferences on demand.
Verified Answer
KS
Learning Objectives
- Comprehend the relationship between price changes and consumer behavior.
- Understand the role of consumer income and preferences on demand.