Asked by Growing with Hussein on Jul 04, 2024
Verified
Fill in the blanks. Poorer countries have a ________ demand for U.S. wheat because they usually ________.
A) less elastic; find other substitutes
B) less elastic; can't find other substitutes
C) more elastic; can't find other substitutes
D) more elastic; find other substitutes
Elastic Demand
A situation in which the demand for a product or service greatly changes in response to a change in price. High price sensitivity.
- Understand the differences in demand elasticity among different countries and regions.
Verified Answer
ZK
Zybrea KnightJul 07, 2024
Final Answer :
D
Explanation :
Poorer countries tend to have a higher elasticity of demand, meaning they are more likely to find substitutes for U.S. wheat. Therefore, the best choice is D, which states that poorer countries have a more elastic demand and are likely to find other substitutes.
Learning Objectives
- Understand the differences in demand elasticity among different countries and regions.