Multiple Choice
Which of the following would most likely make the demand for an item more elastic?
A) Buyers perceive there to be few close substitutes for the item.
B) The item represents a small fraction of consumers' budgets.
C) There are no costs of switching to competitors' products.
D) Buyers have NOT had time to adjust to the price change.
Correct Answer:
Verified
Correct Answer:
Verified
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