Which of the Following Statements Is True of the Price

question 149

Multiple Choice

Which of the following statements is true of the price elasticity of demand?

• A) As the number of substitutes for a good increases, the price elasticity of demand for that good decreases.
• B) If a consumer's budget share of a good increases, the price elasticity of demand for that good is likely to decrease.
• C) The price elasticity of demand for a good is generally higher in the long run than in the short run.
• D) If the price elasticity of demand for a good equals zero, the demand for the good is likely to be highly responsive to price changes.

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