Consider the Following Pairs of Goods

question 136

Essay

Consider the following pairs of goods.Which would you expect to have the more elastic demand? Why?
a.water or diamonds
b.insulin or nasal decongestant spray
c.food in general or breakfast cereal
d.gasoline over the course of a week or gasoline over the course of a year
e.personal computers or IBM personal computers

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Definitions:

Supreme Court

is the highest judicial body in a country, tasked with interpreting the constitution, reviewing laws, and resolving legal disputes with its decisions serving as ultimate precedents in legal matters.

Overly Broad Powers

Refers to authority or powers that are too expansive and undefined, potentially leading to abuse or misuse.

U.S. President

The head of state and head of government of the United States of America, responsible for executing federal laws and serving as the commander-in-chief of the armed forces.

Industry Code

A system of classification for businesses and organizations that categorizes them based on their primary activity.