Which of the following is not a determinant of the price elasticity of demand for a good?
A)the time horizon
B)the steepness or flatness of the supply curve for the good
C)the definition of the market for the good
D)the availability of substitutes for the good

Question

Quizplus · Accepted Answer

The determinants of price elasticity of demand include the time horizon, the definition of the market, the availability of substitutes, the degree of necessity or luxury of the good, and the proportion of income spent on the good. The steepness or flatness of the supply curve does not affect the price elasticity of demand for a good.

Which of the Following Is Not a Determinant of the Price