Which Is Not a Determinant of the Price Elasticity of Demand

question 87

Multiple Choice

Which is not a determinant of the price elasticity of demand for most products?

• A) The slope of the demand curve for a product
• B) The number of good substitutes available for the product
• C) The proportion of most consumers' budget spent on the product
• D) The amount of time consumers have to adjust their purchases of a product to a change in its price

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Definitions:

Existential Generalization (EG)

A logical inference rule that allows for the conclusion that at least one member of a domain possesses a certain property, based on evidence of a specific instance.

Denying the Antecedent (DN)

A logical fallacy where one assumes that if the antecedent in a conditional statement is not true, the consequent must also not be true.

Disjunctive Syllogism (DS)

A form of logical argument where, if one has a disjunction (A or B) and knows that A is not true, one can conclude B must be true.

Implication (Imp)

A logical relationship where if the first statement (antecedent) is true, then the second statement (consequent) must also be true.