Which of the Following Is NOT a Determinant of the Price

question 242

Multiple Choice

Which of the following is NOT a determinant of the price elasticity of demand?

• A) the number of producers of the good
• B) the number of substitutes available to buyers
• C) the time consumers have to adjust to a price change
• D) expenditures on the item as a percentage of a consumer's total budget

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Definitions:

Total Mechanization

The complete automation or use of machinery to perform all tasks in a process or system, eliminating the need for manual labor.

Automation

The total mechanization of a job.

Job Simplification

The process of breaking down jobs into their simplest components to improve efficiency and reduce complexity.

Highly Standardized

Pertains to products, processes, or systems that strictly adhere to established norms and specifications to ensure uniformity and consistency.