Which of the following goods is most likely to have the lowest price elasticity?
A) movie tickets
B) DVD rentals
C) tap water
D) pasta

Name: Which of the following goods is most likely to have the lowest price elasticity? A) movie tickets B) DVD rentals C) tap water D) pasta
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Question

Quizplus · Accepted Answer

Tap water is a basic necessity and has very few substitutes. Therefore, it is not sensitive to changes in price and has the lowest price elasticity.

Which of the Following Goods Is Most Likely to Have