A perfectly _ demand curve is _. An example of a good with this type of demand is ____. A) elastic, horizontal,...

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Question

A perfectly _ demand curve is _. An example of a good with this type of demand is ____. A) elastic, horizontal,...

A perfectly ___ demand curve is _____. An example of a good with this type of demand is ______.

A) elastic, horizontal, food

B) inelastic, vertical, insulin

C) inelastic, vertical, Pepsi

business economics

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Answer 1

Answer #1

Elastic demand curve: when a good is a luxury good or goods that are not very necessary

Inelastic demand curve: when a good is an essential commodity like food

Option A is not correct as food cannot have an elastic demand curve

Option C is also not correct since Pepsi is not an essential commodity, it's demand curve is unlikely to be inelastic

Option B is correct as insulin is essential for someone with diabetes, and is likely to be demanded independent of it's price(inelastic demand curve)

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Answer 2

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