Which of the Following Goods Would You Expect to Have

question 161

Essay

Which of the following goods would you expect to have the most inelastic demand?
Why?
a.Swiss cheese
b.Cheese
c.Dairy products

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Definitions:

Specific Needs

Particular requirements or desires of an individual or entity.

Henry Ford

American industrialist and founder of Ford Motor Company who revolutionized factory production with his assembly-line methods.

Market Orientation

A business philosophy where the focus is on identifying and meeting the needs and wants of customers through product innovation and customer satisfaction.

Natural Monopolies

A market structure where a single firm can provide a good or service to an entire market at a lower cost than if there were multiple firms due to economies of scale.