Big-Ticket Items Such as Refrigerators Have A(n)_____ Price Elasticity of Demand

question 7

Multiple Choice

Big-ticket items such as refrigerators have a(n) _____ price elasticity of demand compared to low budget items such as paper towels.

• A)higher
• B)lower
• C)very low
• D)equal

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Definitions:

Comparative Advantages

The ability of an individual or group to carry out a particular economic activity more efficiently than another entity.

Pro-con

Weighing the positive (pro) and negative (con) aspects of a decision, argument, or proposition.

Problem-cause-solution Pattern

The problem-cause-solution pattern is a way of organizing information that identifies an issue, analyzes its causes, and proposes one or more solutions.

Comparative Advantages Pattern

A method of organizing information by comparing the strengths and weaknesses of different options.