The Demand for Which of the Following Commodities Is Likely

question 111

Multiple Choice

The demand for which of the following commodities is likely to be most price inelastic?

• A) Food
• B) Hamburgers
• C) Big Macs
• D) Sandwiches

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Definitions:

Economic Efficiency

A measure of how well resources are utilized and allocated to maximize productivity and meet the needs and wants of society.

Quintile Distribution

The division of a population or dataset into five equal groups or parts, often used in economic studies to analyze income or wealth distribution.

Before-Tax Household Income

The total income earned by a household before any taxes are deducted.

Greater Inequality

Refers to an increase in the unequal distribution of resources, wealth, or opportunities within a society or between different societies.