Factors That Influence the Price Elasticity of Demand Include

question 77

Multiple Choice

Factors that influence the price elasticity of demand include

• A)the closeness of substitutes.
• B)the price of complements but not the price of substitutes.
• C)income.
• D)preferences.
• E)the price of substitutes and complements.

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Definitions:

Marriage

A legally and socially sanctioned union between individuals that establishes rights and obligations between them.

Money

A medium of exchange in the form of coins and banknotes; used to purchase goods and services or measure value.

Need for Achievement

A psychological drive that influences an individual to pursue and achieve goals.

Delay Gratification

The ability to resist the temptation for an immediate reward and wait for a later, often larger or more enduring reward.