Which of the following is not a major determinant of the price elasticity of demand?
A) availability of close substitutes
B) proportion of income spent on the good
C) quantity of goods available
D) amount of time that has elapsed since the price change

Question

Quizplus · Accepted Answer

The quantity of goods available is not a major determinant of price elasticity of demand. The other options, availability of close substitutes, proportion of income spent on the good, and amount of time that has elapsed since the price change, are major determinants of the price elasticity of demand.

Which of the Following Is Not a Major Determinant of the Price