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lorie mccoy
on Nov 25, 2024

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Which of the following factors will make the demand for a product relatively elastic?

A) There are few substitutes.
B) The time interval considered is long.
C) The good is considered a necessity.
D) Purchases of the good require a small portion of consumers' budgets.

Relatively Elastic

Describes a situation in which the quantity demanded of a good or service changes significantly due to a change in its price.

Time Interval

A specific duration or period between two points or events in time.

Substitutes

Substitutes are goods or services that can replace each other in usage, providing consumers with alternative choices when purchasing.

  • Determine the variables that impact the flexibility of demand and supply.
  • Gain an understanding of how substitutes and the distribution of budget affect elasticity.
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William NormanNov 29, 2024
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