The demand for gadgets is likely to be more price-elastic when: there are no sub
ID: 1097023 • Letter: T
Question
The demand for gadgets is likely to be more price-elastic when:
there are no substitutes for gadgets available in the marketplace.
consumers are given a long period of time to adjust to a change in the price of gadgets.
the price of a gadget is a very large percentage of the typical consumer
a.there are no substitutes for gadgets available in the marketplace.
b.consumers are given a long period of time to adjust to a change in the price of gadgets.
c.the price of a gadget is a very large percentage of the typical consumer
Explanation / Answer
option a