Asked by
Tyler Pashak
on Nov 17, 2024
Verified
Which of the following is likely to have the most price elastic demand?
A) Dental floss
B) Milk
C) Diamond earrings
D) Salt
Price Elastic Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, with a higher elasticity indicating a greater response.
Dental Floss
A thin thread used to remove food and dental plaque from between teeth in areas a toothbrush is unable to reach.
- Identify the differences in demand elasticity for goods, taking into account their status as necessities or luxuries and the existence of substitute products.
Verified Answer
AS
Learning Objectives
- Identify the differences in demand elasticity for goods, taking into account their status as necessities or luxuries and the existence of substitute products.