Asked by Jakob Deckard on Jun 20, 2024
Verified
The demand for bread is likely to be more elastic than the demand for solid-gold bread plates.
Elastic
Describes a situation where the demand for a product or service significantly changes in response to a change in its price.
- Pinpoint the factors that influence how responsive demand is, further including the segregation of commodities into essential and luxury categories.
Verified Answer
CW
Candace WilliamsJun 22, 2024
Final Answer :
False
Explanation :
The demand for bread is likely to be more inelastic because it is a basic necessity with fewer substitutes, whereas solid-gold bread plates are luxury items with more elastic demand due to the availability of many substitutes and their sensitivity to price changes.
Learning Objectives
- Pinpoint the factors that influence how responsive demand is, further including the segregation of commodities into essential and luxury categories.