Which of the following items has the most price elasticity?
A)McDonald's sandwich meals
B)Tiffany jewelry
C)prescription medication
D)Ethan Allen sofa
E)gasoline

Question

Quizplus · Accepted Answer

The more substitutes a product or service has,the more likely it is to be price elastic.Fast foods are typically price elastic because there are many alternatives.With brand name products,necessities or perceived worthwhile experiences,there is little price sensitivity.

Which of the Following Items Has the Most Price Elasticity