Of the Following, Which Good Has the Most Elastic Demand

question 93

Multiple Choice

Of the following, which good has the most elastic demand?

• A) Breakfast food
• B) Breakfast cereal
• C) Sultana Bran purchased at a Woolworths supermarket
• D) Food
• E) Sultana Bran

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Definitions:

Pride

A feeling of deep pleasure or satisfaction derived from one's own achievements, the achievements of those with whom one is closely associated, or from qualities or possessions that are widely admired.

Practicality

The aspect of being concerned with the actual doing or use of something rather than with theory and ideas.

Empirical Approach

A method of gaining knowledge through direct observation, experience, or experimentation, emphasizing evidence-based conclusions.

Humanistic Psychology

A psychological perspective that emphasizes the study of the whole person and inner feelings to understand behavior.