Correct Answer: All goods have an elasticity measure.

Solution : The correct answer is (d) All goods have an elasticity measure.

The concept of elasticity is a fundamental economic concept that applies to all goods and services. While the magnitude of elasticity may vary across different goods, all goods have an elasticity measure. Elasticity helps us understand the responsiveness of quantity demanded or supplied to changes in price, income, or other relevant factors.

Elasticity is not limited to specific types of goods. It applies to necessities, such as basic food items, as well as to luxuries, such as high-end luxury goods. It also applies to unique goods, although the availability of substitutes may impact the magnitude of elasticity for those goods.

Therefore, regardless of whether a good is a necessity, a luxury, or unique, the concept of elasticity can be applied to analyze and understand the responsiveness of demand or supply to various factors.