The price elasticity of demand for widgets at any particular price is determined by
A)whether widgets are luxuries or necessities.
B)how much of their budgets consumers spend on widgets.
C)whether there are any good substitutes for widgets.
D)All of the above are correct.

Question

Quizplus · Accepted Answer

The price elasticity of demand for widgets depends on various factors, including whether widgets are considered luxuries or necessities, how much of their budgets consumers spend on widgets, and whether there are good substitutes for widgets. Therefore, option D, which states that all of the above options are correct, is the best choice.

The Price Elasticity of Demand for Widgets at Any Particular