Which of the Following Is Likely to Have the Most

question 203

Multiple Choice

Which of the following is likely to have the most price inelastic demand?

• A)white chocolate chip with macadamia nut cookies
• B)hardback novels
• C)salt
• D)box seats at a major league baseball game

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Definitions:

Full Performance

The complete execution of all terms and obligations specified in a contract or agreement.

Obligation

A duty or commitment one party has to perform or refrain from performing specified actions as per a contract or legal requirement.

Novation

The act of replacing an existing obligation with a new one, transferring rights and duties from the original party to a new party.

Substitute

A replacement or alternative for someone or something.