Which of the Following Products Would Have the MOST ELASTIC

question 3

Multiple Choice

Which of the following products would have the MOST ELASTIC demand?

• A) Water supplied by a local utility company
• B) A Minolta automatic camera
• C) A new home which has not yet been built
• D) Mercedes automobile
• E) An individual farmer's wheat

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Definitions:

Equivalent Ratio

A proportional relationship between two numbers or quantities, indicating how many times the first number contains the second.

Smallest Term

Smallest Term generally refers to the term in a mathematical expression or sequence with the smallest numerical value.

Ratio

A numerical relationship indicating the number of times one value is contained within or contains the other.

Equivalent Ratio

Ratios that represent the same relationship between two or more quantities, even if their numerals are different.