Which of the following statements is correct?
A)The demand for medicine is more elastic than the demand for sailboats.
B)The demand for iPads is more elastic than the demand for tablets in general.
C)The demand for cell phones is more elastic over a short period of time than over a long period of time.
D)All of the above are correct.

Question

Quizplus · Accepted Answer

The demand for specific brands (like iPads) is generally more elastic than for the category as a whole (tablets) because consumers can switch to other brands if the price of iPads increases.

Which of the Following Statements Is Correct