A demand for a product is more elastic
A) When it has few substitutes
B) In the long-run
C) When the expenditure on the product represent a small portion of the budget
D) When the product is broadly defined
Correct Answer:
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Q9: If your income goes down by10% and,in
Q10: If your income goes up by 2%
Q41: In general,the larger the price elasticity:
A)the smaller
Q51: A price elasticity of demand of -0.67
Q58: For complements,cross price elasticity of demand is:
A)Negative
B)Positive
C)between
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Q77: For substitutes,cross price elasticity of demand is:
A)Negative
B)Positive
C)between
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