Which of the following is associated with a less elastic demand curve?
A)availability of many close substitutes
B)a greater amount of time for consumers to respond to a price change
C)a smaller percentage of income spent on the good in question
D)all of the above

Question

Which of the following is associated with a less elastic demand curve?
A)​availability of many close substitutes
B)​a greater amount of time for consumers to respond to a price change
C)​a smaller percentage of income spent on the good in question
D)​all of the above

Quizplus · Accepted Answer

A smaller percentage of income spent on the good in question is associated with a less elastic demand curve, as the consumer is less likely to change their purchasing behavior even with a change in price.

Which of the Following Is Associated with a Less Elastic