Price Elasticity
Characterize each of the following goods and services in terms of their price elasticity of demand. In so doing, indicate whether a steeply sloped (vertical) and relatively inelastic demand curve, or a flat (horizontal) and relatively elastic demand curve, is typical under normal market conditions. Why?
A. Unleaded gasoline
B. Wheat
C. Individual income tax preparation services
D. A cure for AIDS
E. Lottery tickets