Other Things Being Equal, the Price Elasticity of Demand for a Product

question 94

Multiple Choice

Other things being equal, the price elasticity of demand for a product will be less:

• A) if there are many substitutes available.
• B) if it is a large part of the consumer's budget.
• C) in the long run as compared to the short run.
• D) if there are few or no substitutes available.

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