Which of the following products is likely to have an elastic demand?
A)Gasoline
B)Diamond
C)Food
D)Water

Name: Which of the following products is likely to have an elastic demand? A)Gasoline B)Diamond C)Food D)Water
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Question

Quizplus · Accepted Answer

Diamonds have an elastic demand because they are luxury items, and consumers are more sensitive to price changes. If the price of diamonds increases, consumers are likely to buy fewer diamonds or substitute them with other luxury items.

Which of the Following Products Is Likely to Have an Elastic