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temp321 temp321
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5 years ago

Question 1.

Which of the following is a determinant of the price elasticity of demand for a product?
I.The existence of substitute goods
II.The percentage of a consumer's total budget devoted to purchases of that commodity


• I only

• II only

• both I and II

• neither I nor II

Question 2.

One of the most important determinants of a good's price elasticity of demand is

• the ease with which consumers can substitute other goods for that product.

• the cost of producing the good.

• the numbers of buyers in the market.

• the profits of suppliers.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
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GparkerGparker
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5 years ago
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temp321 Author
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#2
5 years ago
Smart ... Thanks!
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