Pencils are likely ____________ than diamonds because ___________.
A)less price elastic;they have more available substitutes
B)more price elastic;they have more available substitutes
C)less price elastic;they cost much less than a diamond
D)more price elastic;they have more practical uses

Question

Quizplus · Accepted Answer

Pencils are likely more price elastic than diamonds because they have more available substitutes. There are various alternatives to pencils such as pens, markers, and digital writing tools, making it easier for consumers to switch to a substitute if the price of pencils increases. In contrast, diamonds have fewer substitutes and are considered a luxury good, making them less price elastic.

Pencils Are Likely ____________ Than Diamonds Because ___________

Pencils Are Likely __ Than Diamonds Because _