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Which of the goods has the least elastic demand

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Reference no: EM133711984

Question: A good in the presence of many close substitutes is predicted to have relatively demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good were to increase. The price elasticity of demand of a good depends in part on its relative necessity in comparison to other goods. Assume the following goods all have approximately the same price. Which of the goods has the least elastic demand?

Reference no: EM133711984

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