Why is the price elasticity of demand for one specific brand of coffee likely to be greater than the price elasticity of demand for coffee as a whole?
- ACoffee in general takes up a higher proportion of consumers’ income.
- BConsumers may be very loyal to a particular brand of coffee.
- CThere are more substitutes for a particular brand of coffee than for coffee in general.
- DTotal demand for coffee is higher than for any one brand.