Which of the following items has the most price elasticity?
A) Fast food
B) Branded luxury goods
C) Prescription medication
D) Movie tickets
E) Gasoline

Question

Quizplus · Accepted Answer

The more substitutes a product or service has, the more likely it is to be price-elastic. Fast-food prices are typically price-elastic, but branded luxury goods have almost no substitutes and are price-inelastic.

Which of the Following Items Has the Most Price Elasticity