Which of the Following Statements Is Most Likely to Be

question 105

Multiple Choice

Which of the following statements is most likely to be true?

• A) The elasticity of demand for a night at a caravan park is likely to be more elastic than a night at a five-star resort.
• B) The elasticity of demand for the latest model Porsche is likely to be less elastic than that for a toy model of a Porsche.
• C) The elasticity of demand for a meal at an exclusive restaurant is likely to be less elastic than that for a packet of two-minute noodles.
• D) The elasticity of demand for salt is likely to be less elastic than that for chinaware.

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Definitions:

Method of Agreement

A principle in inductive reasoning that if two or more instances of a phenomenon share a single common condition, then the condition is likely to be a cause of the phenomenon.

Necessary Condition

A condition that must be present for an event or situation to occur; without it, the event cannot happen.

Sufficient Condition

A condition that, if satisfied, guarantees the occurrence or validity of another event or condition.

Methods of Agreement and Difference

Scientific research methods used to determine the cause of a phenomenon by examining cases where the phenomenon does and does not occur.