The demand for Godiva mint chocolates is likely quite elastic because
A)there are many close substitutes.
B)this particular type of chocolate is viewed as a luxury by many chocolate lovers.
C)the market is narrowly defined.
D)All of the above are correct.

Question

Quizplus · Accepted Answer

The demand for Godiva mint chocolates is likely elastic because there are many close substitutes, it is considered a luxury item, and the market is narrowly defined, all of which contribute to higher elasticity.

The Demand for Godiva Mint Chocolates Is Likely Quite Elastic