Which of the following products will have elastic demand?
A)Gasoline.
B)Cigarettes.
C)European travel.

Name: Which of the following products will have elastic demand? A)Gasoline. B)Cigarettes. C)European travel.
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Question

Quizplus · Accepted Answer

European travel will have elastic demand because it is a luxury item and consumers can easily substitute it with other forms of vacation or travel. As the price of European travel increases, consumers are more likely to change their plans and choose a less expensive destination.

Which of the Following Products Will Have Elastic Demand