The price elasticity of demand for a product tends to be greater the Select one: A. fewer close substitutes for it there are. B. more close substitutes for it there are. C. shorter the time span being considered. D. more necessary the product becomes.
The price elasticity of demand for a product tends to be greater the Select one: A. fewer close substitutes for it there are. B. more close substitutes for it there are. C. shorter the time span being considered. D. more necessary the product becomes.
Chapter20: Elasticity: Demand And Supply
Section: Chapter Questions
Problem 11E: The price elasticity of the demand for gasoline is -0.02. The price elasticity of demand for...
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The price
Select one:
A. fewer close substitutes for it there are.
B. more close substitutes for it there are.
C. shorter the time span being considered.
D. more necessary the product becomes.
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