While shopping at the supermarket, Selina was dismayed to find that the price of orange juice was now 50% more than what she was used to paying. As a result, Selina purchased grapefruit juice, which was closer to what she usually pays. Based on this example, orange juice is ______.

A) a necessity
B) a luxury good
C) inelastic
D) elastic

Elastic

Describes a situation in economics where the demand or supply of a good or service is sensitive to changes in price.

Necessity

An indispensable requirement or need for something; often something that is essential for survival or to carry out a specific task.

Luxury Good

A product or service that is considered to be of high quality and high price, often seen as a status symbol.