If Joe says that nothing comes close to Pepsi,his demand for Pepsi is likely to be _____

Name: If Joe says that nothing comes close to Pepsi,his demand for Pepsi is likely to be _____
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Question

Quizplus · Accepted Answer

When Joe says that nothing comes close to Pepsi, it shows that he has a strong preference for Pepsi and is unlikely to switch to other substitutes for a small change in price. This suggests that his demand for Pepsi is relatively price inelastic.

If Joe Says That Nothing Comes Close to Pepsi,his Demand