What will cause the price elasticity of demand for a product to be high?
A)A low percentage of income is spent on the product.
B)There are a small number of available substitutes.
C)The elasticity of supply for the product is high.
D)A long time period is used to measure elasticity.

Question

Quizplus · Accepted Answer

The price elasticity of demand tends to be higher over a long time period because consumers have more time to find substitutes or adjust their consumption habits in response to price changes.

What Will Cause the Price Elasticity of Demand for a Product