Demand is more elastic
a. in the short run than in the long run
b. for necessities than for luxuries
c. for food than for hamburgers
d. for goods with many substitutes than for goods with only a few
e. for broadly defined goods than for narrowly defined ones
Question 2
The value of price elasticity of demand for a good with no close substitutes
a. will tend to be greater than -1 (e.g., -0.03)
b. will tend to be less than -1 (e.g., -4)
c. will tend to be equal to -1
d. will tend to be equal to 0
e. cannot be determined without more information
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Elastic/inelastic #5