The Elasticity of Demand for a Product Is Likely to Be

Multiple Choice

The elasticity of demand for a product is likely to be greater:

A) if the product is a "necessity" rather than a "luxury" good
B) the greater the amount of time over which producers adjust to a price change
C) the smaller the proportion of one's income spent on the product
D) the smaller the number of substitute products
E) the greater the amount of time over which buyers adjust to a price change