The demand for a product tends to be less elastic as the product accounts for a larger fraction of a consumer's budget.

Name: The demand for a product tends to be less elastic as the product accounts for a larger fraction of a consumer's budget.
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The demand for a product tends to be more elastic as the product accounts for a larger fraction of a consumer's budget, because consumers are more sensitive to price changes when the item represents a significant portion of their spending.

The Demand for a Product Tends to Be Less Elastic