Which of the following is not a major determinant of the price elasticity of demand?
A)availability of close substitutes
B)proportion of income spent on the good
C)The supply of goods available
D)amount of time that has elapsed since the price change

Question

Which of the following is not a major determinant of the price elasticity of demand?
A)​availability of close substitutes
B)​proportion of income spent on the good
C)​The supply of goods available
D)​amount of time that has elapsed since the price change

Quizplus · Accepted Answer

The supply of goods available is not a major determinant of the price elasticity of demand. The determinants of price elasticity of demand include the availability of close substitutes, proportion of income spent on the good, amount of time that has elapsed since the price change, and the necessity of the good. The supply of goods available affects the price of the good, but it does not directly affect the price elasticity of demand.

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