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ECO100Y1 Lecture : Q3 Company VS Category (Hard)

Canada

Introduction to Economics

Economics

University of Toronto St. George

Principles of Microeconomics

The demand for autos is likely to be a. less price elastic than the demand for Honda Accords. b. more price elastic than the demand for Honda Accords. c. of the same price elasticity as the demand for Honda Accords. d. perfectly inelastic.

Why is the demand relatively inelastic for medical care and gasoline but relatively elastic for movies and automobiles?

In a kinked-demand curve model, the demand curve at prices greater than the kink is _________________, but the curve below the kink is____________.
a. inelastic; elastic
b. elastic; inelastic
c. elastic; elastic
d. elastic, perfectly inelastic

ECO100Y1 Lecture : Q3 Company VS Category (Hard)

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