The elasticity of deman for a product depends upon the ? A. Availability of raw

Question

The elasticity of deman for a product depends upon the ? A. Availability of raw materials B. Manufactuerer's cost C. Amount the manufacturer is willing to produce D. Availability of substitutes The elasticity of deman for a product depends upon the ? A. Availability of raw materials B. Manufactuerer's cost C. Amount the manufacturer is willing to produce D. Availability of substitutes A. Availability of raw materials B. Manufactuerer's cost C. Amount the manufacturer is willing to produce D. Availability of substitutes

Explanation / Answer

Correct Answr is D. Availability of substitutes

The elasticity of demand for a product depends upton many factor. One of them is availability of substitutes.

With the change in the price of a product, the demand for its subsitutes is immediately affected. For example if price of a raw material is rises the demand for that raw material will decrease and that for substitute will increase.

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