The demand for a good will be less price elastic, Select one: a. The larger is the percentage of income spent on it b. The higher is its price c. The smaller the supply of the good d. The fewer the substitutes available for the good e. The fewer there are complements for the good

The demand for a good will be less price elastic, Select one: a. The larger is the percentage of income spent on it b. The higher is its price c. The smaller the supply of the good d. The fewer the substitutes available for the good e. The fewer there are complements for the good

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 5E

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Question

The demand for a good will be less price elastic,

Select one:

a. The larger is the percentage of income spent on it

b. The higher is its price

c. The smaller the supply of the good

d. The fewer the substitutes available for the good

e. The fewer there are complements for the good

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