Which of the following items has the largest price elasticity of demand?
A) food
B) fruit
C) oranges
D) oranges from a Wal-Mart SuperCenter

Name: Which of the following items has the largest price elasticity of demand? A) food B) fruit C) oranges D) oranges from a Wal-Mart SuperCenter
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Question

Quizplus · Accepted Answer

The price elasticity of demand is higher for more specific items because consumers can more easily find substitutes. "Oranges from a Wal-Mart SuperCenter" is the most specific option, making it the most elastic.

Which of the Following Items Has the Largest Price Elasticity