Which of the following would most likely be highly price-elastic?
a. The demand for milk by a household
b. The demand for insulin by a diabetes patient
c. The demand for water
d. The demand for new houses
e. The demand for coal over a period of one month
Question 2
A consumer's budget line will shift to the left in a parallel manner if:
a. the price of the good on the X-axis increases.
b. the price of the good on the Y-axis increases.
c. the consumer's income increases.
d. the consumer's income decreases.
Growth in the demand for oil from the developing world
The introduction of a new generation of electric and hybrid cars will reduce the demand for oil
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
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