What Is a Major Factor Influencing the Elasticity of Demand

question 121

Multiple Choice

What is a major factor influencing the elasticity of demand for a product?

• A) decrease in price of the product
• B) drop in demand for the product's substitutes or complements
• C) availability of substitutes
• D) increase in supply of the product

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Definitions:

Benefit Corporation

A type of business structure that aims to create general public benefit in addition to generating profit for shareholders.

Stakeholder Commitment

The support and engagement of individuals or groups who have an interest in the success of a project, initiative, or organization.

Traditional Education

A form of learning that takes place in a structured educational system, typically involving face-to-face instruction in schools or universities.

Trial And Error

A problem-solving method involving repeated, varied attempts which are continued until success, or until the agent stops trying.