Which of the following is most likely to be an example for an elastic product?

Question

Quizplus · Accepted Answer

Elastic products are those products whose demand is highly sensitive to changes in price. T-shirts are a good example of an elastic product as there are many substitutes available in the market, and consumers can easily switch to a cheaper product if the price of a specific brand increases. Staple foods, gasoline, and basic utilities are examples of inelastic products as consumers have limited substitutes and are likely to continue buying these products even if the price increases.

Which of the Following Is Most Likely to Be an Example