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Thinking Like an Economist

Which of the ...

Question

Which of the following products would a customer keep on buying even if there is a sudden increase in price?

A

Chicken

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B

Milk

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C

Mobile phones

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D

Insulin

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Solution

The correct option is D
Insulin

Among the options, insulin is an essential good and has no substitutes. One can do without milk, chicken or mobile phones. Also, we can find cheaper alternatives for these.

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