If a good is very inexpensive, but it is a necessity, you would predict that demand for the good is:
A.is price-elastic.
B.is price-inelastic.
C.is price unit-elastic.
D.has indeterminable price elasticity.
Correct Answer:
Verified
Q81: As you move down a linear demand
Q86: An important determinant of the price elasticity
Q102: A good is likely to have an
Q110: Suppose the cross-price elasticity of demand for
Q112: If a good is a necessity with
Q128: The pair of items that is most
Q136: If the price of chocolate-covered peanuts increases
Q156: On a linear demand curve, demand at
Q157: If someone did not regard health care
Q165: For which of the following is the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents