Which of the following is not a determinant of a good's price elasticity of demand?
A)the slope of the demand curve
B)the share of the good in the consumer's total budget
C)whether the good is a luxury or a necessity
D)the passage of time

Question

Quizplus · Accepted Answer

The slope of the demand curve is not a determinant of a good's price elasticity of demand. The determinants include the availability of substitutes, the share of the good in the consumer's total budget, whether the good is a luxury or a necessity, and the passage of time.

Which of the Following Is Not a Determinant of a Good's