Which of the following goods probably has the lowest (absolute value)short-run price elasticity of demand?
A) fresh fruit
B) frozen dinners
C) cars
D) refrigerators

Question

Quizplus · Accepted Answer

Fresh fruit is usually considered a necessity and has limited substitutes, therefore, consumers are less likely to respond significantly to a change in price in the short-run, resulting in a lower short-run price elasticity of demand.

Which of the Following Goods Probably Has the Lowest (Absolute