For Each Pair of Goods, Explain Which Is More Elastic

question 114

Essay

For each pair of goods, explain which is more elastic: toothpicks vs.cars; electricity vs.yachts; IBM computers vs.Apple computers.

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Definitions:

Executive Agency

An administrative agency within the executive branch of government. At the federal level, executive agencies are those within the cabinet departments.

Food and Drug Administration

A federal agency of the United States Department of Health and Human Services, responsible for protecting and promoting public health through the control and supervision of food safety, tobacco products, dietary supplements, prescription and over-the-counter pharmaceutical drugs, vaccines, biopharmaceuticals, blood transfusions, medical devices, electromagnetic radiation emitting devices, cosmetics, animal foods & feed, and veterinary products.

First Impression

The initial judgment or assessment of something or someone, formed on first encountering them, often considered to be lasting and significant.

Legal Authorities

Sources of law, such as statutes, cases, or regulations, that have the power to bind or guide legal proceedings.