Which of the following is NOT an important factor that affects the magnitude of the own price elasticity of a good?
A) Available substitutes
B) Supply of the good
C) Time
D) Expenditure share

Question

Quizplus · Accepted Answer

The supply of the good does not affect the magnitude of own price elasticity, as elasticity depends on the responsiveness of quantity demanded to a change in price. Available substitutes, time, and expenditure share are important factors that influence elasticity.

Which of the Following Is NOT an Important Factor That