What Is the Most Important Determinant of the Price Elasticity

question 55

Multiple Choice

What is the most important determinant of the price elasticity of demand for a good?

• A)The definition of the market for a good
• B)The availability of substitutes for the good
• C)The share of the good in the consumer's budget
• D)Whether the good is a necessity or a luxury

---

Definitions:

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates.

Gene Interacts

The process by which genes affect each other's expression, leading to complex outcomes in an organism’s traits or behaviors.

Blood Type

A classification of blood based on the presence or absence of antibodies and inherited antigenic substances on the surface of red blood cells.

Gene Effects

The impact that individual genes, their mutations, and combinations have on the traits or conditions of an organism.