Which of the Following Is Not a Determinant of the Price

question 187

Multiple Choice

Which of the following is not a determinant of the price elasticity of demand for a good?

• A)the time horizon
• B)the steepness or flatness of the supply curve for the good
• C)the definition of the market for the good
• D)the availability of substitutes for the good

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Definitions:

Resource Suppliers

are entities or individuals that provide the inputs needed for production processes, including raw materials, labor, and capital.

Herfindahl Index

A measure of the concentration of industries, calculated by summing the squares of the market shares of each firm within the industry.

Market Power

The ability of a company or group of companies to manipulate the price of an item in the market by controlling its supply, demand, or both.

Technologically Progressive

Characteristics of economies, firms, or industries that are consistently implementing and benefiting from new technologies, leading to increased efficiency and productivity.