Which of the Following Is Likely to Have the Most

question 129

Multiple Choice

Which of the following is likely to have the most price elastic demand?

• A)dental floss
• B)milk
• C)salt
• D)diamond earrings

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Definitions:

Marginal Benefit

The additional benefit received from consuming one more unit of a good or service.

Franchising

A business model wherein a business owner licenses their business logo, name, and operating model to an external party or franchisee.

Franchising Relationship

A business model that involves a contractual partnership between a franchisor and franchisee to use the franchisor's brand and operating methods.

Franchisor

A business entity that grants the right to an individual or group to carry out commercial activities using its branding, system, and intellectual property in exchange for a fee and adherence to agreed specifications.