Which of the following is associated with a more elastic demand curve?

Question

Quizplus · Accepted Answer

Availability of close substitutes gives consumers more options to choose from, making the demand for a specific product more elastic. A longer amount of time for consumers to respond to a price change allows them to search for alternatives, making demand more elastic. A large percentage of income spent on the good in question means that consumers are more likely to be sensitive to changes in price, making demand more elastic. Therefore, all of the given options are associated with a more elastic demand curve.

Which of the Following Is Associated with a More Elastic