Which of the following would most likely be the price elasticity of demand for a your economics textbook (assuming you want to earn an "A")?
A) -0.01
B)-0.50
C) -1
D) -5
E) -10

Question

Quizplus · Accepted Answer

The price elasticity of demand for a specific economics textbook required to earn an "A" in a course would be very inelastic, meaning consumers (students) are less sensitive to price changes. This is because there are few substitutes for that specific textbook, making it a necessity for students aiming for a high grade, thus the elasticity would be close to 0.

Which of the Following Would Most Likely Be the Price