Which of the following is likely to have the most price inelastic demand?
A)strawberry-banana milk shakes
B)gasoline in the short run
C)diamond earrings
D)box seats at a major league baseball game

Question

Quizplus · Accepted Answer

Gasoline in the short run is likely to have the most price inelastic demand because it is a necessity with few immediate substitutes, and consumers cannot easily reduce consumption in response to price changes.

Which of the Following Is Likely to Have the Most