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Answer to Question #219154 in Economics for Sizwe
Question #219154
A possible reason that the demand for is inelastic is because
A. A large proportion of the petrol South Africa consumes is imported.
B. Petrol is a luxury product
C. Households spend a small proportion of their income on petrol.
D. There is no close substitute for petrol
A. A large proportion of the petrol South Africa consumes is imported.
B. Petrol is a luxury product
C. Households spend a small proportion of their income on petrol.
D. There is no close substitute for petrol
Expert's answer
D. There is no close substitute for petrol
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