Which of the following is not a determinant of the price elasticity of demand?
A)The number of substitute goods available.
B)The share of a consumer's budget.
C)The amount of income the consumer has.

Question

Quizplus · Accepted Answer

The amount of income the consumer has is not a determinant of the price elasticity of demand. The other two options, the number of substitute goods available and the share of a consumer's budget, are both factors that can influence how sensitive consumers are to changes in price.

Which of the Following Is Not a Determinant of the Price