The Demand for Food (A Broad Group)is More

question 58

Multiple Choice

The demand for food (a broad group) is more:

• A) elastic than the demand for beef (specific commodity).
• B) inelastic than the demand for beef (specific commodity).
• C) sensitive to price changes than the demand for beef.
• D) responsive to price changes than the demand for beef.

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Definitions:

Ethanol Producer

A company or facility that manufactures ethanol, a type of biofuel, often from agricultural products like corn or sugarcane.

Utility

In economics, a measure of satisfaction or happiness that individuals get from consuming goods and services.

Time Utility

The value added to products or services by making them available at the right time to meet consumer needs.

Multitouch

A technology that enables a surface (such as a touchscreen) to recognize the presence of more than one point of contact with the surface simultaneously.