Multiple Choice
Which of the following is not one of the factors that determine whether or not the demand for a particular good is elastic or inelastic in respect to the price?
A) How much of a consumer's budget is spent on the good
B) How much the good costs
C) Whether the good being bought is a luxury item or a necessity
D) If close substitutes for the good are available
Correct Answer:
Verified
Correct Answer:
Verified
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