For which of the following is demand likely to be most price-elastic?
A)steak
B)beef (including steak, ribs, hamburger, etc.)
C)meat (including beef, pork, chicken, lamb, etc.)
D)protein foods (including meat, cheese, beans, eggs, fish, etc.)
E)none of the above (they will all have the same elasticity)

Question

Quizplus · Accepted Answer

Since steak is a specific type of meat, it has more substitutes (e.g. chicken, fish, tofu) compared to a broader category like protein foods or meat. This means that if the price of steak goes up, consumers are more likely to switch to a substitute, resulting in a higher price elasticity of demand.

For Which of the Following Is Demand Likely to Be