Which of the following situations could explain why product X has a relatively high price elasticity of demand in the short run?
A) the price of product X is too low
B) the price of product X is too high
C) the prices of substitute products are constant
D) there are many substitutes for product X and consumers have an ability to switch quickly to those substitutes
E) there are few substitutes for product X in the short run
Correct Answer:
Verified
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