Author Question: All other things constant, goods will have more __________ demand if their price uses up a ... (Read 45 times)

tfester · **on:** Jul 1, 2018

All other things constant, goods will have more __________ demand if their price uses up a __________ proportion of a consumer's budget.
a. price-elastic; greater
b. unit-elastic; smaller
c. price-elastic; smaller
d. price-inelastic; greater
e. stable; greater

Question 2

A good that takes up a very large percentage of the consumer's budget will tend to have
a. an elastic demand
b. a perfectly elastic demand
c. an inelastic demand
d. an upward-sloping demand curve
e. very many substitutes