The elasticity of demand for a product is likely to begreater: A.if the product

Question

The elasticity of demand for a product is likely to begreater: A.if the product is a necessity, rather than luxurygood. B.the greater the amount of time over which buyers adjust to aprice change. C.the smaller the proportion of one's income spent on theproduct. D.the smaller the number of substitute productsavailable. The elasticity of demand for a product is likely to begreater: A.if the product is a necessity, rather than luxurygood. B.the greater the amount of time over which buyers adjust to aprice change. C.the smaller the proportion of one's income spent on theproduct. D.the smaller the number of substitute productsavailable.

Explanation / Answer

 B. THE GREATER THE AMOUNT OF TIME OVER WHICH BUYER ADJUST TO A PRICE CHANGE

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