Which of the Following Is Not a Determinant of a Good's

question 3

Multiple Choice

Which of the following is not a determinant of a good's price elasticity of demand?

• A)The slope of the demand curve
• B)The share of the good in the consumer's total budget
• C)Whether the good is a luxury or a necessity
• D)The passage of time

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Definitions:

Nonexcludable

Nonexcludable goods are those that cannot feasibly or reasonably be kept from individuals who do not pay for them, one of the characteristics of public goods.

Nonrival

A characteristic of a good whereby one person's consumption does not prevent or decrease the ability of others to enjoy it as well.

Private Good

A product or service that is consumed by a single individual or household and cannot be used or consumed by others simultaneously.

Pizza

A popular Italian dish consisting of a usually round, flat base of leavened wheat-based dough topped with tomatoes, cheese, and often various other ingredients, which is then baked at a high temperature.