Which of the following sets of characteristics is definitely describing a good with an elastic demand curve? a. necessity, big-ticket item, few substitutes b. luxury, big-ticket item, few substitutes c. necessity, small-ticket item, many substitutes d. luxury, small-ticket item, many substitutes e. luxury, big ticket item, many substitutes
Which of the following sets of characteristics is definitely describing a good with an elastic demand curve? a. necessity, big-ticket item, few substitutes b. luxury, big-ticket item, few substitutes c. necessity, small-ticket item, many substitutes d. luxury, small-ticket item, many substitutes e. luxury, big ticket item, many substitutes
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 1PA
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Which of the following sets of characteristics is definitely describing a good with an
a. necessity, big-ticket item, few substitutes
b. luxury, big-ticket item, few substitutes
c. necessity, small-ticket item, many substitutes
d. luxury, small-ticket item, many substitutes
e. luxury, big ticket item, many substitutes
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