One of the Most Important Determinants of a Good's Price

question 352

Multiple Choice

One of the most important determinants of a good's price elasticity of demand is

• A) the profits of suppliers.
• B) the numbers of buyers in the market.
• C) the ease with which consumers can substitute other goods for that product.
• D) the cost of producing the good.

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Definitions:

Employ Employees

The act of hiring individuals to perform services or tasks for compensation.

Partnership Business

An officially recognized form of enterprise undertaken by two or more participants, who equally manage the business and its profits.

Agent

A person authorized to act on behalf of another, often in business transactions.

Employee

An individual who provides labor or services to another person or business in exchange for compensation under agreed terms.