Which of the following products is likely to have elastic demand?

What is the primary characteristic of a product with inelastic demand?

If the price of a staple food item increases, and the quantity demanded decreases slightly, what does this indicate about the demand for that item?

Which scenario is an example of perfectly elastic demand?

Which of the following factors is likely to make the demand for a product more elastic?

If a 10% increase in the price of a product results in a 15% decrease in quantity demanded, how would you classify the demand for that product?

Which of the following is a characteristic of a product with elastic demand?

What typically happens to the demand for a luxury item when its price significantly rises?

Which product is most likely to have inelastic demand?

Which of the following statements best describes inelastic demand?