Which One of the Following Is Not a Factor in the Elasticity

question 62

Multiple Choice

Which one of the following is not a factor in the elasticity of demand for a good or service?

• A)The length of time the price change is in effect
• B)The substitutes available for the good or service
• C)The percentage of one's budget the item consumes
• D)The cost of producing the good or service

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Definitions:

Caveat Emptor

A Latin phrase meaning "let the buyer beware," implying that the buyer assumes the risk for the quality and condition of goods purchased, especially without a warranty.

Legal Concept

A principle or framework of laws that is recognized and enforced by a legal system.

Unauthorized Use

The use of a product, service, or information without permission or in violation of its intended use or laws.

Intellectual Property

Legal rights that result from intellectual activity in the industrial, scientific, literary, and artistic fields, including inventions, literary and artistic works, designs, and symbols, names, and images used in commerce.