Which of the Following Will NOT Affect the Elasticity of Demand

question 67

Multiple Choice

Which of the following will NOT affect the elasticity of demand for a product?

• A)the number of substitutes
• B)how long consumers have to adapt to price changes
• C)the cost of producing the product
• D)the percentage of the consumer's budget spent on the product
• E)all of the above will affect the elasticity of demand for a product

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Definitions:

Nuclear Family

A family unit consisting of two parents (traditionally a man and a woman) and their biological or adopted children, considered the traditional family structure in many societies.

Industrial Economy

An economy characterized by the mass production of goods and services in large-scale enterprises using technological advancements and typically reliant on the exploitation of fossil fuels.

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s, marked by significant technological advancements and changes in economic practices.

Nuclear Family

A household consisting of a parent or parents and their dependent children, regarded as a basic social unit.