Which of the following is likely to have the highest (in absolute value) demand elasticity?   Question 3 options:   A necessary medication without close substitutes   Camel brand cigarettes   Cigarettes   The group of branded, "premium" cigarettes as a whole (i.e. Camel, Marlboro, etc all. combined into one market)

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Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.