Which of these is likely to have the lowest price elasticity of demand?
A) hamburgers
B) Budweiser beer
C) gasoline
D) tickets to a rodeo

Question

Quizplus · Accepted Answer

Gasoline typically has a low price elasticity of demand because it is a necessity for many people who rely on cars for transportation, making them less sensitive to price changes compared to non-essential goods or specific brands.

Which of These Is Likely to Have the Lowest Price