Table 5-1

-Refer to Table 5-1.Which of the following is consistent with the elasticities given in Table 5-2?

Question

Table 5-1
 
-Refer to Table 5-1.Which of the following is consistent with the elasticities given in Table 5-2?

Quizplus · Accepted Answer

The statement in Table 5-2 that A has a lower price elasticity than B indicates that A has fewer substitutes than B. This means that consumers are less likely to switch to other products when the price of A increases, making it less elastic than B. None of the other answer choices are consistent with the elasticities given in Table 5-2.

Table 5-1 -Refer to Table 5-1.Which of the Following Is Consistent with Following