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Youth smoking seems to be more ____ than adult smoking- that is, the quantity of youth smoking will fall by a greater percentage than the quantity of adult smoking in response to a given percentage increase in price. a. inelastic b. unitary elastic c. elastic d. cross-price elastic
Youth smoking seems to be more ____ than adult smoking- that is, the quantity of youth smoking will fall by a greater percentage than the quantity of adult smoking in response to a given percentage increase in price. a. inelastic b. unitary elastic c. elastic d. cross-price elastic
Final answer:Youth smoking is more elastic than adult smoking, meaning that the quantity of youth smoking will be more responsive to a change in price compared to adult smoking.Explanation:In this context, the correct term to fill in the blank iselastic. Youth smoking is more elastic than adult smoking, meaning that the quantity of youth smoking will be more responsive to a change in price compared to adult smoking.This is because youth smoking tends to be more price-sensitive. When the price of cigarettes increases, youth smokers are more likely to reduce their smoking or quit altogether. Adults, on the other hand, may be more resistant to price changes and may continue smoking despite price increases.For example, if the price of cigarettes increases by 10%, youth smoking may decrease by a larger percentage, say 20%, while adult smoking may only decrease by a smaller percentage, say 5%.Learn more about elasticity of smoking behavior here:brainly.com/question/30503949#SPJ11...