Which of these has the least elastic demand

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Reference no: EM13987121

Which of these has the least elastic demand?

chicken

insulin

levi jeans

honda civic

If total revenue rises when price is raised, demand .

must be elastic

may be elastic

must be inelastic

may be inelastic

The effect on the market for heating oil of a leftward shift of supply would be

shortage of heating oil.

surplus of heating oil.

decrease in the quantity of heating oil sold and in its price.

an increase in the price of heating oil and a decrease in the quantity sold

If consumers are price sensitive, then

they will have elastic demand curves

they will have inelastic demand curves.

they will have no demand curve.

they will not shop around very much.

they likely perceive no close substitutes.

Changes in demand are caused by each of the following except

changes in income

changes in the prices of related goods and services.

changes in tastes and preferences.

changes in supply.

A drop in the price of oil will result in

increase in the demand for oil.

decrease in the demand for oil.

an increase in the quantity of oil demanded.

decrease in the quantity of oil demanded.

both an increase in the demand and an increase in the quantity demanded.

Reference no: EM13987121

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