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Which of the following is not a determinant of the price elasticity of demand for a good?
Raw Materials
Fundamental materials that are used in the production process to create goods and products.
Prices of Raw Materials
The cost of basic materials used in the manufacture of products, which can affect production costs and pricing strategies.
Fiscal Policy
Government spending and taxation decisions designed to control inflation, reduce unemployment, improve the general welfare of citizens, and encourage economic growth.
Increased Taxes
A financial situation where a government raises the rates of taxes, affecting individuals or businesses.
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