Demand for which of the following goods or services is likely to be the LEAST elastic in cold weather?
A) a blue hooded sweatshirt with fur-lined pockets
B) a blue hooded sweatshirt
C) a hooded sweatshirt
D) a blue sweatshirt
E) a sweatshirt

Question

Quizplus · Accepted Answer

In cold weather, demand for sweatshirts in general is likely to be fairly inelastic, as people will need warm clothing regardless of the specific style or color. The more specific and specialized a product is (such as a blue hooded sweatshirt with fur-lined pockets), the more elastic demand is likely to be, as consumers have more substitute options available.

Demand for Which of the Following Goods or Services Is