Which of the following is NOT a factor that determines the price elasticity of demand?
A) the amount that suppliers have made available
B) the percentage of a consumer's total budget spent on the good
C) the existence of substitutes
D) the length of time allowed for adjustments to change in the price of the commodities

Question

Quizplus · Accepted Answer

The amount that suppliers have made available is not a factor that determines the price elasticity of demand. Instead, it is a factor that determines the supply of a good. The factors that determine the price elasticity of demand are the percentage of a consumer's budget spent on the good, the existence of substitutes, and the length of time allowed for adjustments to changes in the price of the commodity.

Which of the Following Is NOT a Factor That Determines