Which of the following is likely to have the most price inelastic demand?
A)chocolate
B)Godiva chocolate
C)Hershey's chocolate
D)All three would have the same elasticity of demand because they are all related.

Question

Quizplus · Accepted Answer

Chocolate as a general category is likely to have more inelastic demand compared to specific brands like Godiva or Hershey's, as consumers may see it as a necessity or have fewer substitutes for the general product.

Which of the Following Is Likely to Have the Most