Question

question 14 of 18 > choose the correct price - elasticity label for each pair of goods. assume this involves demand for the total of all people currently residing in canada, the united states, and mexico. cosmetic surgery emergency surgery a cheeseburger at 7:00 p.m. at a 24 - hour restaurant a cheeseburger at 2:00 a.m. at a 24 - hour restaurant monthly electricity consumption yearly electricity consumption all cars red cars the wall street journal wall street journal at the airport answer bank less elastic than more elastic than

Explanation:

• Cosmetic surgery (luxury) has more elastic demand than emergency surgery (necessity).
• 7:00 p.m. cheeseburger has more substitutes, more elastic than 2:00 a.m. (fewer substitutes).
• Monthly electricity (short run) is less elastic than yearly (long run, more adjustment time).
• All cars (broad market) less elastic than red cars (narrow, more substitutes).
• General WSJ (more substitutes) more elastic than airport WSJ (fewer substitutes).

Answer:

cosmetic surgery more elastic than emergency surgery
a cheeseburger at 7:00 p.m. at a 24-hour restaurant more elastic than a cheeseburger at 2:00 a.m. at a 24-hour restaurant
monthly electricity consumption less elastic than yearly electricity consumption
all cars less elastic than red cars
the Wall Street Journal more elastic than Wall Street Journal at the airport