The price elasticity of demand depends on the
A) proportion of consumers' budgets spent on the good.
B) number of available substitutes.
C) extent to which the commodity is a luxury.
D) all of the above.
D
Economics
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In recent decades, other countries have:
a. caught up to the U.S. in several important economic arenas b. surpassed the U.S. in several important economic arenas c. both of the above are true
Economics
Refer to Figure 22.3 below. Suppose that the supply curve is constant at $10. Suppose further that the before-tax demand curve D B can be written as B = 20 - P/2, where B is the number of structures per year and P is the price.
Economics