2. The November 29, 2022, Wall Street Journalreports that the price of chicken breasts has fallen from $3.65 per pound to $1.05 per pound this fall. If the quantity of chicken breasts demanded rises by a much larger amount than the change in price it is because the demand for chicken breasts is __________ because_____________. Inelastic; there are few close substitutes in the minds of many people. Inelastic; the demand curve for chicken breasts is vertical. Elastic; chicken is somewhat of a necessity for many people. Unit elastic; chicken has many substitutes. Elastic; chicken takes a small percentage of most buyer’s income.
2. The November 29, 2022, Wall Street Journalreports that the price of chicken breasts has fallen from $3.65 per pound to $1.05 per pound this fall. If the quantity of chicken breasts demanded rises by a much larger amount than the change in price it is because the demand for chicken breasts is __________ because_____________. Inelastic; there are few close substitutes in the minds of many people. Inelastic; the demand curve for chicken breasts is vertical. Elastic; chicken is somewhat of a necessity for many people. Unit elastic; chicken has many substitutes. Elastic; chicken takes a small percentage of most buyer’s income.
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 6PA: Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000)...
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2. The November 29, 2022, Wall Street Journalreports that the price of chicken breasts has fallen from $3.65 per pound to $1.05 per pound this fall. If the quantity of chicken breasts demanded rises by a much larger amount than the change in price it is because the demand for chicken breasts is __________ because_____________.
- Inelastic; there are few close substitutes in the minds of many people.
- Inelastic; the demand curve for chicken breasts is vertical.
- Elastic; chicken is somewhat of a necessity for many people.
- Unit elastic; chicken has many substitutes.
- Elastic; chicken takes a small percentage of most buyer’s income.
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