Which of These Is MOST Likely to Have a Perfectly

question 305

Multiple Choice

Which of these is MOST likely to have a perfectly inelastic demand curve?

• A) surgical supplies
• B) preventive medical services
• C) cosmetic surgery
• D) heart transplant surgery

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Definitions:

Marginal Utility

The additional satisfaction or utility that a person receives from consuming one additional unit of a good or service.

Milk Shakes

A cold beverage made from milk, ice cream, and flavorings or sweeteners such as butterscotch, caramel sauce, or chocolate syrup.

Marginal Utility

The change in satisfaction or utility an individual gains from consuming an additional unit of a good or service.

Consumer Surplus

The gap between what consumers are ready to pay for a product or service and the actual amount they spend.