Microeconomics

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Elasticity: Stroopin'

MICRO-NCNBFX

Stroopwafels, or "syrup waffles," are a treat from the Netherlands. Small thin waffles with syrup inside, sold in packages. They are designed to be placed on top of a mug of coffee, where the steam from the coffee warms them and makes them chewy. Stroopwafels are inexpensive, and many people are used to having one every morning with their coffee.

We might reason that the price elasticity of demand for stroopwafels is low. That is, demand is inelastic. What might be facts in support of the demand for stroopwafels being inelastic? Select all that apply.

A

Stroopwafels are inexpensive and so people likely do not spend much of their money on them.

B

There are other breakfast treats available to eat besides stroopwafels.

C

People are in the habit of having a stroopwafel every day.

D

If people had to go without stroopwafels, they would be sad, but they would not be devastated by the loss.