Exam (elaborations)
Eco 201 Module 3 Determinants of the price elasticity of demand QUESTIONS AND ANSWERS
- Course
- ECO 201
- Institution
- Southern New Hampshire University
Consider some determinants of the price elasticity of demand: • The availability of close substitutes • Whether the good is a necessity or a luxury • How broadly you define the market • The time horizon being considered A good with many close substitutes is likely to have relatively el...
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