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Which of the following is the best example of elastic demand?

  • Question 9c of 10 - Types of goods

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following is the best example of elastic demand?
  • Answers:
  1. People buy gas for their cars no matter what it costs.
  2. People take fewer vacations as air fare gets higher.
  3. Producers purchase natural resources to make goods.
  4. Producers ignore budget constraints to make higher profit.

The correct answer is: People take fewer vacations as air fare gets higher. Demand is elastic when demand falls with price.

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