alleryMatch budget share: 1. High: p. Elastic 2. Low: q. Inelastic 3. Spend: r. Income
A1-p, 2-q, 3-r
B1-p, 2-r, 3-q
C1-q, 2-p, 3-r
D1-r, 2-p, 3-q
Answer & Solution
Correct answer: A. 1-p, 2-q, 3-r
When consumers spend a large portion of their income on a good, demand is elastic; when the proportion is small, demand is inelastic.
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