Which of the following is not a determinant of the price elasticity of demand for a good?
A)The definition of the market for the good
B)The flatness of the supply curve for the good
C)The availability of substitutes for the good
D)Whether a good is a necessity or a luxury

Question

Quizplus · Accepted Answer

The flatness of the supply curve for the good is not a determinant of the price elasticity of demand; it is related to the price elasticity of supply. The price elasticity of demand is influenced by factors such as the availability of substitutes, whether a good is a necessity or a luxury, and how the market is defined.

Which of the Following Is Not a Determinant of the Price