A Determinant of the Price Elasticity of Demand Is

question 473

Multiple Choice

A determinant of the price elasticity of demand is

• A) whether the good is a durable or a nondurable.
• B) the availability of resources used in the production of the product.
• C) how well consumers like the good.
• D) the proportion of the consumer's total budget spent on the good.

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Definitions:

Standard Deviations

Standard deviations are a measure of the amount of variation or dispersion in a set of values, indicating how much the values in a dataset deviate from the mean on average.

GMAT Scores

The results or scores obtained from taking the Graduate Management Admission Test, a standardized test for MBA admissions.

Standard Deviation

The standard deviation is a measure of the amount of variation or dispersion of a set of values.

Dispersed Distribution

A distribution where the values of the dataset are spread out or scattered widely.