The demand for a good is more price elastic
A) if closer substitutes are available.
B) if the good is a necessity rather than a luxury.
C) if the share of the good in the average consumer's budget is smaller.
D) in the short run than in the long run.
Correct Answer:
Verified
Q200: Q201: Most corn produced in the United States Q202: A determinant of the price elasticity of Q203: The closer the substitutes for a good, Q204: The demand for _ is more elastic Q206: The amount of time elapsed since a Q207: For many goods, the price elasticity of Q208: Of the following, demand is likely to Q209: The demand for Honda Accords is probably Q210: Which goods have more elastic demands?
A)
A) goods
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