Which Product Is Most Likely to Be the Most Price

question 357

Multiple Choice

Which product is most likely to be the most price elastic?

• A)milk
• B)housing
• C)clothing
• D)automobiles

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Definitions:

Eli Whitney

An American inventor best known for inventing the cotton gin, a device that revolutionized the cotton industry by greatly facilitating the removal of seeds from cotton fibers.

Farm Worker

Farm workers are individuals employed in the agricultural sector, focusing on the cultivation and harvesting of crops as well as the raising of animals.

Productivity

The measure of the efficiency of production, often evaluated as the ratio of outputs to inputs in a given time period.

Farm Price Supports

Government subsidies designed to maintain the income of farmers by stabilizing the prices of agricultural products.