Other things being equal, demand is less elastic
A) the more expensive the good is.
B) the smaller the percentage of a total budget that a family spends on a good.
C) the longer is the time period for adjustment.
D) the more substitutes a good has.
Correct Answer:
Verified
Q217: Q218: When demand is elastic Q219: Q220: "Unit elasticity of demand can be found Q221: Suppose two goods are perfect substitutes. The Q223: Which of the following is NOT a Q224: If the price elasticity of demand (Ep) Q225: The longer the time frame involved, the Q226: Which of the following goods is most Q227: When there are very few substitutes for
A) changes in price
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