For which of the following items is demand likely to be the most price elastic?
A)Tide liquid laundry detergent
B)laundry detergent in general
C)powdered laundry detergent
D)liquid laundry detergent

Question

Quizplus · Accepted Answer

Demand for Tide liquid laundry detergent is likely to be the most price elastic because it is a specific brand and consumers have a wide range of substitute options, including other brands of liquid detergent, powdered detergent, and even fabric softeners. As a result, if the price of Tide liquid laundry detergent increases, consumers may be more likely to switch to a different brand, leading to a greater change in quantity demanded compared to other types of laundry detergent.

For Which of the Following Items Is Demand Likely to Be