The introduction of refrigerators into American homes:
A) decreased the magnitude of the short run own price elasticity of demand for raw meat.
B) did not affect the short run own price elasticity of demand for raw meat.
C) increased the magnitude of the short run own price elasticity of demand for raw meat.
D) decreased the magnitude of the short run own price elasticity of demand for smoked meats.

Question

Quizplus · Accepted Answer

The introduction of refrigerators allowed consumers to store raw meat for longer periods of time without spoiling, increasing the availability of fresh meat and decreasing the urgency to purchase it immediately. This increased the substitutability of fresh meat with other goods, making the demand for it more elastic in the short run.

The Introduction of Refrigerators into American Homes