Of the Following Choices, Which Good Should Have the Most

question 28

Multiple Choice

Of the following choices, which good should have the most inelastic price elasticity of demand?

• A)Gasoline to a car owner.
• B)Cigarettes to a smoker.
• C)Insulin to an insulin-dependent diabetic.
• D)Apples to a vegetarian.

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Definitions:

Probability Distribution

A mathematical function that defines the probabilities of all possible outcomes for a random variable.

Standard Deviation

A measure of the dispersion or variability within a set of numerical data, indicating how spread out the values are from the mean.

Independent Variables

Variables in an experiment or model that are manipulated or classified to determine their effect on dependent variables.

Standard Deviation

A way to quantify how much spread or differentiation exists in a dataset.