Which of the following products is likely to have the lowest price elasticity of demand?
A) foreign travel
B) Mobil motor oil
C) Green Giant peas
D) medical care

Question

Quizplus · Accepted Answer

Medical care tends to have the lowest price elasticity of demand because it is often a necessity, and consumers are less sensitive to price changes compared to other products like foreign travel, motor oil, or peas, where substitutes are more readily available.

Which of the Following Products Is Likely to Have the Lowest