Table 6-2 Estimated Price Elasticity of Demand Coca-Cola -3.0 All carbonated soft drinks -1.5 All soft drinks -0.8 Refer to Table 6-2. Assume that an economist has estimated the price elasticity of demand values in the table above. Use the data in the table to select the correct statement. O The difference in elasticity values is explained by the fact that the more narrowly we define a market the more elastic the demand will be. O The elasticity for "All soft drinks" is less than the elasticity for Coca- Cola because Coca-cola is more of a luxury than a necessity; "All soft drinks" represent goods that are more necessity than luxury. O The demand for Coca-cola is inelastic. O There are fewer substitutes for "All carbonated soft drinks" than there are for "All soft drinks."