Which of the following is NOT a determinant of the price elasticity of demand?

A. the share of the budget spent on the item
B. the time the consumer has to adjust to the price change
C. the availability of potential substitutes
D. the cost to produce the product

Answer: D

Economics

You might also like to view...

Explain the concept of the law of increasing additional cost

What will be an ideal response?

View

Economics

For a monopolist, marginal revenue is always

a. below market price b. equal to market price c. greater than market price d. equal to total revenue e. equal to total cost

View

Economics