The Demand for Flour Is

question 136

Multiple Choice

The demand for flour is

• A)inelastic because there are few substitutes for flour and it represents a large percentage of a consumer's budget
• B)inelastic because there are many substitutes for flour and it represents a large percentage of a consumer's budget
• C)inelastic because there are few substitutes for flour and it represents a small percentage of a consumer's budget
• D)elastic because there are no substitutes for flour and it represents a large percentage of a consumer's budget
• E)elastic because there are many substitutes for flour and it represents a large percentage of a consumer's budget

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Definitions:

Demand Schedule

A table that shows the quantity of a good that consumers are willing to buy at different prices.

Parallel

Lines or paths that remain the same distance apart at every point, never meeting or intersecting.

Elasticity Coefficient

A numerical value that measures the responsiveness of the quantity demanded or supplied of a product to a change in one of its determinants, such as price or income.

Percentage Change

A mathematical calculation that indicates the degree of change over time, expressed as a percentage, often used to measure growth or decline in economic indicators.