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Why do luxury goods tend to have more elastic demand compared to necessities?
Which of the following products is likely to have the most elastic demand due to the availability of substitutes?
How does the share of a consumer's budget allocated to a product affect its price elasticity of demand?
Why is demand generally more elastic in the long run compared to the short run?
If the price of gasoline remains high for several years, what long-term changes might consumers make to their demand?
How might the elasticity of demand for 'organic vegetables' differ from 'vegetables' in general?
In the context of price elasticity, what is a key difference between short-run and long-run demand for a product?
Consider a scenario where the price of housing increases by 20% over a decade. How might this affect the demand for housing in the long run?
Which of the following is an example of a product with elastic demand?
Why do products that constitute a large portion of a consumer's budget tend to have more elastic demand?