The demand for rare butterflies tends to be income:
A)elastic because they are relatively expensive
B)inelastic because butterflies are small animals
C)elastic because most buyers feel that they can do without it
D)inelastic because butterflies are difficult to breed

Question

Quizplus · Accepted Answer

The demand for rare butterflies is likely to be elastic because they are considered luxury items, and consumers can easily forego purchasing them if their income decreases or if prices rise.

The Demand for Rare Butterflies Tends to Be Income