[amp_mcq option1=”Milk” option2=”Black pepper” option3=”Eggs” option4=”Car” correct=”option4″]<\/p>\n
The correct answer is D. Car.<\/p>\n
The elasticity of demand is a measure of how responsive consumers are to changes in price. A good with low elasticity of demand is one for which consumers are not very sensitive to changes in price. This means that even if the price of the good goes up, consumers will still buy about the same amount of it.<\/p>\n
A car is a good with low elasticity of demand because it is a necessity for many people. If the price of cars goes up, people will still need to buy cars, even if they have to spend more money on them. This is because cars are essential for transportation, and there are not many substitutes for them.<\/p>\n
Milk, black pepper, and eggs are all goods with higher elasticity of demand. This is because they are not as essential as cars, and there are more substitutes for them. If the price of milk goes up, people may switch to soy milk or almond milk. If the price of black pepper goes up, people may use less of it or switch to a different spice. If the price of eggs goes up, people may eat less eggs or switch to another protein source, such as chicken or fish.<\/p>\n
In conclusion, the correct answer is D. Car. A car is a good with low elasticity of demand because it is a necessity for many people and there are not many substitutes for it.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”Milk” option2=”Black pepper” option3=”Eggs” option4=”Car” correct=”option4″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-52790","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n