Which of the following factors will make the demand for a product more elastic?
A) The product has no close substitutes.
B) A very small proportion of income is spent on the good.
C) A long time period has elapsed since the product's price changed.
D) The change in the product's price was unexpected.

Question

Quizplus · Accepted Answer

A long time period allows consumers to adjust their behavior and find alternatives, making demand more elastic.

Which of the Following Factors Will Make the Demand for a Product