Multiple Choice
Which of the following statements is not true?
A) Price elasticity of demand for basic foods is low.
B) When price elasticity of demand is very high, we say there is brand loyalty.
C) The availability and price of substitutes affect the elasticity of demand for a good or service.
D) When goods have very low prices, the elasticity of demand is usually quite low.
Correct Answer:
Verified
Correct Answer:
Verified
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