Which is NOT a determinant of the elasticity of demand?
A)The proportion of income consumers spend on the good
B)The number of sellers
C)The availability of substitutes
D)Time

Question

Quizplus · Accepted Answer

The number of sellers is not a determinant of the elasticity of demand. The other three options - the proportion of income spent on the good, the availability of substitutes, and time - all influence how sensitive consumers are to changes in price and therefore affect the elasticity of demand.

Which Is NOT a Determinant of the Elasticity of Demand