Which one of the following goods would likely have the most inelastic demand?
A) Kellogg's corn flakes
B) salt
C) a new Toyota automobile
D) fresh green beans

Question

Quizplus · Accepted Answer

Salt has the most inelastic demand because it is a necessity with few substitutes and represents a small portion of a consumer's budget, making its demand less sensitive to price changes.

Which One of the Following Goods Would Likely Have the Most