Which of the Following Generalizations Is Not Correct

question 15

Multiple Choice

Which of the following generalizations is not correct?

• A)The larger an item is in one's budget, the greater the price elasticity of demand
• B)The price elasticity of demand is greater for necessities than it is for luxuries
• C)The larger the number of close substitutes available, the greater will be the price elasticity of demand for particular product
• D)The price elasticity of demand is greater the longer the time period under consideration
• E)The price elasticity of supply is smaller the shorter the time period under consideration.

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