The Price of Wheat Increases, but Few People Cut Back

question 39

Multiple Choice

The price of wheat increases, but few people cut back on their consumption of bread because:

• A) the price of bread is a small portion of the budget, and thus the demand for bread is inelastic.
• B) the price of bread is a large portion of the budget, and thus the demand for bread is elastic.
• C) change in the price of wheat does not affect the price of bread.
• D) None of the answers is correct.

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