Question

***ECONOMICS***

Which product would have a low level of elasticity?
O
A. A product that has steady demand, even as prices change
B. A product that sees rising demand as prices fall
C. A product that sees a major change in demand based on its price
D. A product that sees falling demand as prices rise

Answer 1

A low level of elasticity is defined as a product that has steady demand, even as prices change. Option A is correct.

What is elasticity?

Elasticity is a term used in economics to describe how much one economic variable changes in reaction to a change in another.

The elasticity of demand is will be low if there is no close substitutes available of any product and vice versa.

A product that has steady demand, even as prices change, have the low elasticity of demand, as the demand is not increased or decreased in relation to change in price.

Therefore, option A is correct.

Learn more about elasticity, refer to:

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