The demand for steak is _____ price elastic than the demand for meat because the scope of the market for steak is _____ broadly defined.
A) less; more
B) more; more
C) less; less
D) more; less

Question

Quizplus · Accepted Answer

The demand for steak is more price elastic than the demand for meat because steak is a more narrowly defined market, allowing consumers to find substitutes more easily compared to the broader category of meat.

The Demand for Steak Is _____ Price Elastic Than the Demand