Determining the price elasticity of demand involves all of the following factors. but not

Question 3 5 pts Determining the price elasticity of demand involves all of the following factors, but NOT availability of su

Answer

Ans is B slope is the supply curve has no role in elasticity of demand. whereas all other three factors determine elasticity of demand higher the number of substitutes available, higher will be the elasticity. higher the price lower will be the elasticity

normally luxury good have elastic demand and necessity good have inelastic demand

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