Which of the following is not a factor in determining the price elasticity of demand?
A) the number of available substitutes
B) the time period involved
C) the proportion of the budget spent on the item
D) the slope of the supply curve

Question

Quizplus · Accepted Answer

The slope of the supply curve is not a factor in determining the price elasticity of demand. Price elasticity of demand is based on how consumers react to changes in price, which is influenced by factors such as the availability of substitutes, the time period involved, and the proportion of the budget spent on the item. The slope of the supply curve, on the other hand, pertains to the relationship between price and quantity supplied by producers.

Which of the Following Is Not a Factor in Determining