Asked by
Caroline Kelley
on Dec 08, 2024
Verified
The determinants of elasticity include
A) availability of substitutes.
B) price relative to income.
C) time.
D) all of the above
Determinants Of Elasticity
Factors that influence the sensitivity of the quantity demanded or supplied of a good to price changes.
Availability Of Substitutes
The extent to which similar or alternative products and services are accessible to consumers, influencing their choices and market demand.
- Master the association between the elasticity of demand and the sum of revenue.
- Understand the influence of substitute goods availability on the elasticity of price demand.
- Understand the role of time in determining the elasticity of demand.
Verified Answer
GA
Learning Objectives
- Master the association between the elasticity of demand and the sum of revenue.
- Understand the influence of substitute goods availability on the elasticity of price demand.
- Understand the role of time in determining the elasticity of demand.