Which of the following statements is correct?
A)The demand for natural gas is more elastic over a short period of time than over a long period of time.
B)The demand for smoke alarms is more elastic than the demand for Persian rugs.
C)The demand for bourbon whiskey is more elastic than the demand for alcoholic beverages in general.
D)All of the above are correct.

Question

Quizplus · Accepted Answer

The demand for specific brands or types of products, like bourbon whiskey, is generally more elastic than the demand for the broader category, like alcoholic beverages, because consumers can more easily substitute between brands or types.

Which of the Following Statements Is Correct