Price elasticity of demand
A) usually increases over time.
B) is greater than one if the percentage increase in the commodity's price is greater than the percentage decline in quantity demanded.
C) is higher for an entire group of related products than it is for a particular product in that group.
D) is very small when good substitutes are readily available for the commodity.
E) is a positive number because price and quantity demanded move in the same direction.

Question

Quizplus · Accepted Answer

Over time, consumers can find alternatives or adjust their consumption habits, making demand more elastic.

Price Elasticity of Demand