Price elasticity of demand and price elasticity of supply are both influenced by
A) the availability of close substitutes for the product
B) the proportion of the consumer's budget spend on the product
C) the length of the adjustment period considered
D) technological conditions such as the additional costs of increasing production
E) none of the above
Correct Answer:
Verified
Q175: Inferior goods have an income elasticity of
Q176: Exhibit 5-21 Q177: If output in the calculator market increases Q178: The supply curve will be more elastic Q179: Both income elasticity of demand and cross-price Q181: Suppose the income elasticity of demand for Q182: An inferior good is Q183: Demand for a necessity, such as food, Q184: As the economy recovers from a recession, Q185: For which of the following goods is
A)any good of low
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