Answer
a) mystery novels
b) Beethoven recordings
c) subway rides during the next five years
d) root beer
Work Step by Step
a) The market for required textbooks is a broader market than the market for mystery novels. Also, textbooks are a necessity for students, while mystery novels are a luxury good.
b) The market for Beethoven recordings is a narrower market than the market for classical music recordings in general.
c) Over time, goods tend to have a more elastic demand for longer time periods (than shorter time periods).
d) Root beer is a luxury (compared to water, a necessity), and luxury goods have elastic demand curves (compared to the demand curves for necessities).
