Which of the Following Is NOT a Determinant of the Price

question 405

Multiple Choice

Which of the following is NOT a determinant of the price elasticity of demand?

• A) the availability of potential substitutes
• B) the share of the budget spent on the item
• C) the time the consumer has to adjust to the price change
• D) the cost to produce the product

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Definitions:

Frequency Distribution Tables

Tables that display the frequency of various outcomes in a sample.

Nominal Variables

Variables categorized into discrete groups or categories without a natural order or ranking.

Pie Charts

A type of graph that represents data as slices of a circle, with each slice size proportional to the quantity it represents.

Nominal Variables

Nominal variables are categorical data without a natural order or ranking among the categories.