For Which of the Following Is Demand Likely to Be

question 85

Multiple Choice

For which of the following is demand likely to be least sensitive to price increases?

• A)spring break vacations
• B)a specific brand of cereal
• C)prescription drugs
• D)theater tickets
• E)restaurant meals

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Definitions:

Semantics

The meaning of words and sentences in a particular language.

Matrices

Rectangular arrays of numbers, symbols, or expressions arranged in rows and columns that are subject to specific mathematical rules.

Implement

To put into effect or action; to execute a plan, agreement, or method.

Evaluate

The process of making a judgment or forming an opinion about something after careful consideration of its merits and demerits.