The Demand for Good X Will Be More Elastic Than

Multiple Choice

The demand for good X will be more elastic than the demand for good Y when

A) good X has fewer substitutes than good Y.
B) good X accounts for a larger percentage of a typical consumer's budget than good Y.
C) consumers have more time to adjust to a change in the price of good X than they have time to adjust to a change in the price of good Y.
D) both b and c
E) all of the above