Which is the most accurate statement?
A)The most important determinant of the degree of elasticity of demand is the availability of substitutes.
B)The demand for gasoline is very elastic.
C)The advertiser wants to push her product's demand curve to the right and make it more elastic.
D)Supply is most elastic in the market period.

Question

Quizplus · Accepted Answer

The availability of substitutes is widely recognized as the most important determinant of the degree of elasticity of demand. When there are close substitutes available for a product, consumers can easily switch to those substitutes if the price of the original product increases, making the demand more elastic.

Which Is the Most Accurate Statement