Multiple Choice
Other things constant, the price elasticity of demand for a product will be smaller (more inelastic) if:
A) people spend a large share of their income on the product.
B) people spend an insignificant share of their income on the product.
C) the population in the market area is large.
D) there are many good substitutes for the product.
Correct Answer:
Verified
Correct Answer:
Verified
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