Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 28CTQ: Would you expect supply to play a more significant role in determining the price of a basic...
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Transcribed Image Text:46. If elasticity of demand is very low,
it shows that the commodity is
A. O A necessity
B. O A luxury
C. O Has little importance in total
budget
D. O a' and 'c' above
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