The price elasticity of demand for a particular good is influenced by which of the following factors?
A) b and c.
B) The income of the buyers.
C) The availability of substitutes.
D) The level of competition among sellers.
E) How many uses the good has.

Question

Quizplus · Accepted Answer

The price elasticity of demand is influenced by the availability of substitutes and the level of competition among sellers. The income of the buyers and the number of uses the good has may also have an impact, but are not as directly related to elasticity as substitutes and competition.

The Price Elasticity of Demand for a Particular Good Is