Economics - Elastic vs. Inelastic Help?

Question

The demand for an addictive good like cigarettes is likely to be _________________, while the demand for specific brands of cigarettes is more likely to be _________________.

relatively inelastic; perfectly inelastic

perfectly inelastic; relatively inelastic

relatively elastic; relatively inelastic

relatively inelastic; relatively elastic

Answer 1

The answer is the 4th one.  Nicotine is addictive and there is no substitute so demand is relatively inelastic.  A specific brand may be preferable, but the nicotine can be found in other brands making demand for that product relatively elastic.

Read your chapters and you won't have to rely on Yahoo Answers to pass your tests and complete your homework.

Answer 2

I agree with the answer of "Dude."   You might enjoy econ if you were to become absorbed in the topic.   It is really a study in human behavior.  Think about the gasoline pump prices and apply the principles set forth in your textbook.  This is a ninth grade issue.  Yet, you will be a person who blames Exxon for the price of gasoline if you do not have a basic background in economics.  The people who are into politics often overlook supply and demand as more important than who is mayor, governor, senator, or president.  So, the anger you see on boards and daily conversations is grounded in failure understand econ 101.  Good luck.