The price elasticity of demand for a good will tend to be larger:
A)the longer the time available to adjust to price changes.
B)the fewer number of substitute goods available.
C)if it is a staple.
D)if it is relatively inexpensive.

Question

Quizplus · Accepted Answer

The longer the time available to adjust to price changes, the easier it is for consumers to find substitutes or alternatives to the good in question. This means that consumers can more easily reduce their demand if the price rises, making the good more price elastic.

The Price Elasticity of Demand for a Good Will Tend