Which price elasticity factor explains why items such as a patented medicine tend to have less elastic demand than aspirin? availability of substitutes B share of budget deferred consumption variety of uses

Which price elasticity factor explains why items such as a patented medicine tend to have less elastic demand than aspirin? availability of substitutes B share of budget deferred consumption variety of uses

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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subject-Ecconomics

Which price elasticity factor explains why items such as a patented medicine tend to have less elastic demand than aspirin?
A availability of substitutes
B share of budget
deferred consumption
D) variety of uses

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