Which of the following is more likely to have perfectly elastic or nearly perfectly elastic demand?
A) a textbook required for an economics course
B) the guitar produced by a master craftsman
C) milk produced by a Wisconsin dairy farmer
D) the services offered by the only allergist in the community

Question

Quizplus · Accepted Answer

Milk produced by a Wisconsin dairy farmer is likely to have nearly perfectly elastic demand because it is a standardized product with many substitutes available from other farmers, making consumers highly responsive to price changes.

Which of the Following Is More Likely to Have Perfectly