Which of the Following Is Not a Major Determinant of the Price

question 167

Multiple Choice

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

• A) availability of close substitutes
• B) proportion of income spent on the good
• C) quantity of goods available
• D) amount of time that has elapsed since the price change

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Definitions:

Purchase Requisition

A form used within a business by the requesting department asking the purchasing department of the business to buy specific goods.

Cash Payment

Cash Payment involves the transfer of cash from one party to another as a form of settlement of a transaction or an obligation.

Voucher

A document that acts as evidence of a financial transaction, authorizing payment or receipt of money.

Accounts Payable

Financial obligations or debts owed by a business to its suppliers or creditors for goods and services received.