Which of the Following Will Affect a Good's Price Elasticity

question 98

Multiple Choice

Which of the following will affect a good's price elasticity of demand?

• A) The income level of the consumer.
• B) The price of complements.
• C) The cost of the inputs used to produce the good.
• D) The number of substitutes that the good has.

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Definitions:

Weathered Bedrock

The result of bedrock being broken down by physical, chemical, or biological weathering processes, often leading to soil formation.

Terracing

The practice of shaping steep terrain to provide flat areas suitable for agriculture or ranching, or to protect soil from erosion.

Erosion

The transportation of sediment, soil, rocks, and other materials by the actions of wind, water, or ice, often leading to the reshaping of landforms.

Angle of Repose

The steepest angle at which a sloping surface formed of a particular loose material is stable.