Asked by
Tamia Johnson
on Dec 11, 2024
Verified
Studies indicate that the demand for fresh tomatoes is much more elastic than the demand for salt. These findings reflect that
A) tomatoes are a necessity while salt is a luxury.
B) it takes longer for consumers to adjust to a change in the price of salt than to a change in the price of tomatoes.
C) salt will not spoil as easily as fresh tomatoes.
D) more good substitutes exist for fresh tomatoes than for salt.
Elastic Demand
A situation where the demand for a product is sensitive to price changes.
Fresh Tomatoes
Refers to tomatoes that are recently harvested and have not been processed, often used in cooking for their flavor and nutritional value.
- Determine the variables impacting the price elasticity of demand across different goods and services.
Verified Answer
PY
Learning Objectives
- Determine the variables impacting the price elasticity of demand across different goods and services.