Which One of the Following Goods or Services Should Have

question 3

Multiple Choice

Which one of the following goods or services should have the lowest price elasticity of demand based on the share of income devoted to the good or service?

• A) Owning a home.
• B) Renting an apartment.
• C) A new car.
• D) Hamburger meat.
• E) Toothpicks.

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Definitions:

Unbiased Way

An approach or method that is fair and impartial, not favoring one side or outcome over another, often important in research, reporting, and decision-making processes.

Coercive Power

The ability to compel or force someone to do something through threats or pressure.

Referent Power

A form of influence derived from being admired and respected, often due to charisma or personal traits.

Legitimate Power

A form of authority in which power is granted through societal structures or organizational hierarchies.