Which of the Following Products Would Have the MOST INELASTIC

question 41

Multiple Choice

Which of the following products would have the MOST INELASTIC (or least elastic) INDUSTRY demand?

• A) Videotape recording system
• B) Microwave ovens
• C) Oranges
• D) Gas for heating homes
• E) Chicken

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Definitions:

Scientific Method

A systematic process for gathering knowledge and testing scientific theories and hypotheses through observation and experimentation.

Hypothesis

A proposed explanation for a phenomenon, made as a starting point for further investigation, which can be tested through research and experimentation.

Theory

A coherent group of propositions formulated to explain a group of facts or phenomena in the natural world and repeatedly confirmed through experiment or observation.

Operational Definition

A definition that provides an objective description of how a variable is going to be measured and observed in a particular study.