Examlex
Which of the following is likely to have the most price elastic demand?
Product Price
The sum of money needed to buy a specific product or service.
Wage Rate
The amount of compensation paid to employees for their labor per unit of time, often expressed per hour or year.
Substitution Effect
The economic principle that as prices rise (or incomes decrease), consumers will replace more expensive items with less costly alternatives.
Output Effect
The impact on an organization's total output resulting from a change in price, affecting the quantity supplied or demanded.
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