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Demand is likely to be most elastic for which of the following: Ground beef O Footwear O Bread O Concert tickets​

1 Answer

8 votes

Answer:

O Concert tickets​

Step-by-step explanation:

Elastic demand is the demand that is highly responsive to changes in prices. A small change in price causes the demand to change by a big proposition. When the demand is elastic, the change in demand is not propositional to changes in price.

Non-essential goods tend to have elastic goods. These are the goods that consumers can survive without. Demand for non-essential tends to decrease or increase in a big proposition when prices rise or fall by a small margin. From the list provided, concert tickets are non essential goods.

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