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Dymondmonae Dymondmonae
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5 years ago

Question 1.

Which of the following is NOT a factor that determines the price elasticity of demand?

• the existence of substitutes

• the amount that suppliers have made available

• the length of time allowed for adjustments to change in the price of the commodities

• the percentage of a consumer's total budget spent on the good

Question 2.

The absolute price elasticity of demand for a product for which annual expenditures make up a very small share of a typical consumer's budget is probably

• infinity.

• less than 1.

• greater than 1.

• equal to 1.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
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urbacoreurbacore
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5 years ago
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Dymondmonae Author
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#2
5 years ago
Smart ... Thanks!
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