Since most consumers spend very little on salt,a small increase in the price of salt will:
A) reduce quantity demanded by a large amount.
B) not reduce quantity demanded by very much.
C) not change quantity demanded.
D) increase quantity demanded by a small amount.

Question

Quizplus · Accepted Answer

Since salt is a necessity for most consumers, a small increase in price is unlikely to significantly deter them from purchasing it. Therefore, the quantity demanded may not be reduced by very much.

Since Most Consumers Spend Very Little on Salt,a Small Increase