Which of the following goods will have the most elastic demand at any time?
A)coffee
B)gasoline
C)restaurant meals
D)insulin

Question

Which of the following goods will have the most elastic demand at any time?
A)coffee 
B)gasoline 
C)restaurant meals 
D)insulin

Quizplus · Accepted Answer

Restaurant meals will have the most elastic demand as it is a luxury good with many substitutes, such as eating at home or ordering takeaway from different restaurants. Consumers are likely to be more price-sensitive and responsive to changes in price compared to goods like gasoline or insulin, which are necessities with fewer substitutes. Coffee may also have a relatively elastic demand as it also has many substitutes such as tea or energy drinks.

Which of the Following Goods Will Have the Most Elastic