Which of the Following Goods Is Likely to Have the Lowest

question 38

Multiple Choice

Which of the following goods is likely to have the lowest price elasticity of demand?

• A) Life-saving drugs
• B) Olive oil
• C) Chocolates
• D) Decorative flowers

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Definitions:

Employment Insurance

A government program that provides temporary financial assistance to unemployed workers in case of job loss.

Aging Population

The demographic trend of an increase in the proportion of elderly individuals in a population, often leading to social and economic implications.

Canada Pension Plan

A social insurance program in Canada designed to provide retired or disabled contributors and their families with partial replacement of earnings in the case of retirement, disability, or death.

Contribution Changes

Adjustments or alterations made to various inputs or efforts by individuals or teams towards achieving a goal or project.