Which of the Following Goods Would Have the Smallest Elasticity

question 292

Multiple Choice

Which of the following goods would have the smallest elasticity of demand?

• A) Exxon brand premium unleaded gasoline
• B) insulin sold to diabetics
• C) an education at Harvard Law School sold to recent college graduates
• D) a bottle of Bayer Aspirin sold to someone without a headache

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Definitions:

Physically And Emotionally Satisfying

Providing both bodily comfort and psychological contentment.

Bodily Arousal

Refers to the physiological state of being alert and physically primed for action, often in response to a stimulus or stressor.

Style Of Attribution

The tendency of individuals to attribute causes of events to internal dispositions or to external situations.

Mutual Respect And Concern

A relationship characterized by reciprocal regard and care for the well-being of one another.