Which of these would you expect to have relatively high price elasticity of demand?
A) name-brand cereals
B) gasoline
C) medications for serious illnesses
D) cooking oil

Question

Quizplus · Accepted Answer

Name-brand cereals have a relatively high price elasticity of demand because there are many substitutes available, such as generic or store-brand cereals, making consumers more sensitive to price changes.

Which of These Would You Expect to Have Relatively High