Which of the following goods will have the most elastic demand at any time?
A)Coffee
B)Gasoline
C)Restaurant meals
D)Insulin

Question

Quizplus · Accepted Answer

Restaurant meals are considered a luxury item and are not a necessity for survival, so consumers are more likely to adjust their demand based on changes in price. On the other hand, coffee, gasoline, and insulin are typically seen as necessities, so consumers may be less likely to adjust their demand based on price changes.

Which of the Following Goods Will Have the Most Elastic