Which of the following is not a determinant of a good's price elasticity of demand?
A)The slope of the demand curve
B)The share of the good in the consumer's total budget
C)Whether the good is a luxury or a necessity
D)The passage of time

Question

Quizplus · Accepted Answer

The slope of the demand curve is not a determinant of a good's price elasticity of demand. Price elasticity of demand is determined by factors such as the share of the good in the consumer's budget, whether the good is a luxury or a necessity, and the passage of time, rather than the slope of the demand curve itself.

Which of the Following Is Not a Determinant of a Good's