Business, 25.12.2019 05:31 nanakwameyeb

When the price of milk goes up, demand does not fall significantly, because people still need to buy milk. however, if the price of t-bone steaks rises beyond a certain point, people will buy fewer of them because they can turn to the many substitutes for this cut of meat. this refers to price elasticity of demand.

a. true
b. false

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When the price of milk goes up, demand does not fall significantly, because people still need to buy...