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According to a study of the U.S. demand for alcoholic beverages, the price elasticity of demand for ...

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According to a study of the U.S. demand for alcoholic beverages, the price elasticity of demand for ...

According to a study of the U.S. demand for alcoholic beverages, the price elasticity of demand for beer is -0.30. Which of the following could explain why the price elasticity of demand for beer is low?

• Beer is an inferior alcoholic beverage.

• More and more people are switching to wine and cocktails rather than beer.

• The price of beer is relatively low and for many people it is a habit forming product.

• There are only a few major suppliers of beer.

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Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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More solutions for this book are available here

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baileymeredith Author

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Smart ... Thanks!

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Thank you, thank you, thank you!

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