It is Valentine's Day and Jason is desperately looking all over town for a dozen roses to give to Judy. Most likely, Jason's price elasticity of demand is:
A) infinitely large.
B) negative.
C) equal to one.
D) greater than one.
E) less than one.

Question

Quizplus · Accepted Answer

The fact that Jason is desperately looking for roses indicates that he has a strong desire or need for them, which suggests that his demand for roses is relatively inelastic. Additionally, since he is specifically looking for a dozen roses, it is likely that he has a specific quantity in mind that he wants to purchase, further supporting the idea of inelastic demand. Therefore, his price elasticity of demand is likely less than one.

It Is Valentine's Day and Jason Is Desperately Looking All