A good will tend to have a low price elasticity of demand if a. a person spends

Question

A good will tend to have a low price elasticity of demand if a. a person spends a high percentage of his or her budget on it. b. a person has a long period of time to adjust to price changes. c. the good is a luxury. d. it has few substitutes. A good will tend to have a low price elasticity of demand if a person spends a high percentage of his or her budget on it. a person has a long period of time to adjust to price changes. the good is a luxury. it has few substitutes. a. a person spends a high percentage of his or her budget on it. b. a person has a long period of time to adjust to price changes. c. the good is a luxury. d. it has few substitutes.

Explanation / Answer

A good will tend to have a low price elasticity of demand if

ans

a person spends a high percentage of his or her budget on it.

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