The price elasticity of demand would most likely be the lowest for
A) a McDonald's hamburger.
B) salt.
C) a Toyota sport utility vehicle.
D) Shell gasoline.

Name: The price elasticity of demand would most likely be the lowest for A) a McDonald's hamburger. B) salt. C) a Toyota sport utility vehicle. D) Shell gasoline.
Brand: Quizplus
Rating: 4.8 (30 reviews)

Question

Quizplus · Accepted Answer

Salt is a necessity with no close substitutes, and its price is a very small percentage of consumers' income, so the price elasticity of demand for salt is very low.

The Price Elasticity of Demand Would Most Likely Be the Lowest