Which of the following statements is correct?

a. The demand for natural gas is more elastic over a short period of time than over a long period of time.
b. The demand for smoke alarms is more elastic than the demand for Persian rugs.
c. The demand for bourbon whiskey is more elastic than the demand for alcoholic beverages in general.
d. All of the above are correct.

The correct answer is letter "C": The demand for bourbon whiskey is more elastic than the demand for alcoholic beverages in general.

Explanation:

Elasticity is a measure of the response of variables to a shift in a certain variable. It can explain to what degree the supply or demand for a product or service shifts with the price of the goods or the income of customers. Basic staples such as milk or gasoline tend to be low in elasticity. This is because to change the quantity demanded involves a meaningful change in price or customer income. It's said that luxury goods like high-end vehicles and electronics have high elasticity.

Thus, bourbon whiskey is considered as a luxury beverage compared to other alcoholic drinks. Thus bourbon whiskey is more elastic.

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