Micro

Elastic Demand

The question is designed to test your students intuition for which goods have elastic or inelastic demand. By utilizing the three primary determinants of demand (number of substitutes, the share of the budget spent on the good, and the time frame for making a decision) you can explain why three answers are wrong and one is correct.

Course Used: Principles of Micro
Quiz Nature: Discussion starter
Question Length: 1
Estimated Time to Play: Anywhere from 2 to 5 minutes depending on how much follow-up is needed.

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