Author Question: The larger the proportion of the consumer's budget that is spent on a product, the more elastic that ... (Read 85 times)

dejastew · **on:** Jul 1, 2018

The larger the proportion of the consumer's budget that is spent on a product, the more elastic that consumer's demand for the product will be.
a. True
b. False

Question 2

For which of the following is demand likely to be most price-elastic?
a. steak
b. beef (including steak, ribs, hamburger, etc.)
c. meat (including beef, pork, chicken, lamb, etc.)
d. protein foods (including meat, cheese, beans, eggs, fish, etc.)
e. none of the above (they will all have the same elasticity)