Other things being equal, the price elasticity of demand for a product will be less:
A) if there are many substitutes available.
B) if it is a large part of the consumer's budget.
C) in the long run as compared to the short run.
D) if there are few or no substitutes available.
Correct Answer:
Verified
Q150: If the income elasticity of demand for
Q151: If your income increases and your consumption
Q152: According to the Case in Point on
Q153: For an inferior good, income elasticity of
Q154: If an increase in income leads to
Q156: Income elasticity of demand measures:
A) how much
Q157: There are several close substitutes for Bayer
Q158: A newspaper typically consumes a smaller fraction
Q159: An important determinant of the price elasticity
Q160: If income increases and the consumption of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents