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AndrewKraus AndrewKraus
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7 years ago
Which of the following statements is true about the price elasticity of demand?
A) As the number of substitutes for a product increases, the price elasticity of demand for that good decreases.
B) If the budget share of a particular good in a consumer's bundle increases, the price elasticity of demand for that good is likely to decrease.
C) The price elasticity of demand for a good is generally higher in the long run than in the short run.
D) The demand for a good with a price elasticity of demand of zero is highly responsive to price changes.
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Microeconomics

Microeconomics


Edition: 1st
Authors:
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SudzburySudzbury
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7 years ago
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AndrewKraus Author
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#2
7 years ago
Needed this for my economics assignment, thanks
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