The value of the price elasticity of demand for a good will be relatively large when
A) there are no good substitutes available for the good.
B) the time period in question is relatively short.
C) the good is a luxury rather than a necessity.
D) All of the above are correct.
Correct Answer:
Verified
Q1: The price elasticity of demand measures how
Q4: Demand is inelastic if the price elasticity
Q5: Demand is said to be inelastic if
Q6: Demand is elastic if the price elasticity
Q7: Which of the following is not a
Q8: The smaller the price elasticity of demand,the
A)more
Q11: If the quantity demanded of a certain
Q123: Demand is said to be inelastic if
A)buyers
Q142: Goods with many close substitutes tend to
Q148: For a good that is a luxury,
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