Which of the Following Is Not a Determinant of the Price

question 63

Multiple Choice

Which of the following is not a determinant of the price elasticity of demand for a good?

• A)The definition of the market for the good
• B)The flatness of the supply curve for the good
• C)The availability of substitutes for the good
• D)Whether a good is a necessity or a luxury

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Definitions:

Percent Change

A measure that indicates how much a quantity has increased or decreased in percentage terms over a specified period.

Wholesale Cost

The cost of goods purchased in large quantities directly from manufacturers or distributors before any markup for retail sale.

Trail Mix

A snack blend that typically consists of a mixture of nuts, seeds, dried fruits, and sometimes chocolate or candy.

Peanuts

Informally, a very small or insignificant amount of money; literally, a legume crop grown mainly for its edible seeds.