A specific product in a snack vending machine is:
A)more likely to be price elastic than price inelastic.
B)an ideal example of unitary demand.
C)likely to have a price elasticity equal to 1.
D)likely to have a price elasticity less than 1.

Question

Quizplus · Accepted Answer

Products in vending machines typically have many substitutes, making them more price elastic as consumers can easily switch to another snack if the price increases.

A Specific Product in a Snack Vending Machine Is