Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 6 - Elasticity - Review Questions - Page 150: 2

Answer

The determinants of price elasticity of demand are substitutability, the proportion of income spent on the good, whether the good falls in the category of luxury or necessity, and finally time. A. Elastic B. inelastic C. Elastic D. Inelastic E. elastic F. Inelastic

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