What Will Cause the Price Elasticity of Demand for a Product

question 105

Multiple Choice

What will cause the price elasticity of demand for a product to be high?

• A)A low percentage of income is spent on the product.
• B)There are a small number of available substitutes.
• C)The elasticity of supply for the product is high.
• D)A long time period is used to measure elasticity.

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Definitions:

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