Which of the following goods is likely to have the highest price elasticity of demand?
A) Salt
B) Gasoline
C) Life-saving drugs
D) Ketchup

Name: Which of the following goods is likely to have the highest price elasticity of demand? A) Salt B) Gasoline C) Life-saving drugs D) Ketchup
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Question

Quizplus · Accepted Answer

Ketchup is likely to have the highest price elasticity of demand because it is a non-essential good with many substitutes, making consumers more sensitive to price changes.

Which of the Following Goods Is Likely to Have the Highest