Other Things Being Equal, the Greater the Price Elasticity of Demand

Multiple Choice

Other things being equal, the greater the price elasticity of demand for a good, the _____.

A) shorter the period of time consumers have to adjust to price changes
B) larger the proportion of income spent on the good
C) fewer the available substitutes of the good
D) smaller the proportion of income spent on the good
E) fewer the available complements of the good