Which has a more elastic demand: hamburger or beef?
What will be an ideal response?
Hamburger has the more elastic demand because there are more substitutes for hamburger than there are for beef. Anything that is a substitute for hamburger is also a substitute for beef. Plus, any other kind of beef is a substitute for hamburger.
You might also like to view...
Under conditions of perfect competition, average fixed cost
a. rises as output increases. b. falls as output increases. c. decreases then rises. d. increases and then falls.
Which of the following sources of productivity is the most difficult to acquire?
A) education B) experience C) talent D) training
The system we use to measure the value of an economy is called:
A. national income accounting. B. national economic valuation. C. macroeconomic summation. D. national expenditure accounting.
Why are graphs such an important tool in economics?