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Which of the following is the best example of a good that has inelastic demand?

a. boat
b. salt
c. movie ticket
d. diamond

User Mtreit
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1 Answer

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The correct answer for this question is this one: "b. salt." The best example of a good that has inelastic demand is the salt. Inelastic demand refers to demand whose percentage change is less than a percentage change in price. Take for example, the price of a commodity rises twenty-five percent and demand decreases by only two percent, demand is said to be inelastic.
User Kortemy
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