Which of the following is not a determinant factor of the price elasticity of demand for a good?
A)The availability of complementary goods
B)The proportion of income spent on the good
C)The availability of close substitute goods
D)The amount of time that has elapsed since the price change
E)The taste and preferences of consumers

Question

Quizplus · Accepted Answer

The availability of complementary goods is not a determinant factor of the price elasticity of demand for a good. The other factors listed—proportion of income spent on the good, availability of close substitute goods, amount of time that has elapsed since the price change, and taste and preferences of consumers—are all factors that can affect the elasticity of demand for a good.

Which of the Following Is Not a Determinant Factor of the Price