The demand for a pack of gum is ________ than is the demand for a steak because ________.

A. less price elastic; a pack of gum is more of a luxury.
B. less price elastic; a pack of gum requires a smaller portion of one's income.
C. more price elastic; a pack of gum is more of a luxury.
D. more price elastic; a pack of gum requires a smaller portion of one's income.

Answer: B

Economics

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