Multiple Choice
Which of the following tends to make demand for a good more elastic?
A) A reduction in the number of substitutes for the good.
B) Consumers have a long time to adjust to a price change.
C) The amount spent on the good is a small proportion of the consumer's budget.
D) The good is broadly defined.
E) The good is a necessity.
Correct Answer:
Verified
Correct Answer:
Verified
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