Which of the following factors will make the demand for a product relatively elastic?
A)There are few substitutes.
B)The time interval considered is long.
C)The good is considered a necessity.
D)Purchases of the good require a small portion of consumers' budgets.

Question

Quizplus · Accepted Answer

The demand for a product is more elastic over a longer time interval because consumers have more time to adjust their behavior and find substitutes if the price changes.

Which of the Following Factors Will Make the Demand for a Product