51) If a product is a necessity and has no substitutes at all demand for the product is most likely to be A) very inelastic. B) inelastic. C) unitary elastic. D) elastic. 52) If a product has only a few acceptable substitutes demand for the product is most likely to be A) very inelastic. B) inelastic. C) elastic. D) very elastic. 53) Ceteris paribus if more alternative forms of energy become available we would expect the demand for gasoline to become A) more elastic. B) more inelastic. C) perfectly elastic. D) perfectly inelastic. 54) If a product has several good substitutes demand for the product is most likely to be A) very inelastic. B) inelastic. C) unitary elastic. D) elastic. 55) Which of the following products has the most elastic demand? A) Raspberry Mocha Kona coffee blend at Starbuck’s B) Starbuck’s coffee C) coffee D) all beverages 56) Which of the following products has the least elastic demand? A) Raspberry Mocha Kona coffee blend at Starbuck’s B) Starbuck’s coffee C) coffee D) all beverages 57) Which of the following products has the most elastic demand? A) Coca Cola in 12 oz cans B) all cola drinks C) all carbonated beverages D) all beverages 58) Which of the following products has the least elastic demand? A) Coca Cola in 12 oz. cans B) all cola drinks C) all carbonated beverages D) all beverages 59) Which of the following products has the most elastic demand? A) Ben and Jerry’s Chunky Monkey ice cream in the pint container B) all Ben and Jerry’s ice cream C) all premium ice cream D) all ice cream 60) If consumers have a long time to respond to an increase in electricity prices their demand is likely to be ________ than if they are only given a short time. A) no different B) higher C) more elastic D) less elastic
