Which of the following factors would indicate a more elastic demand?

A. The good is a necessity, rather than a luxury.
B. The good represents a small fraction of the budget.
C. Demand is measured over a longer period of time.
D. There are few substitutes for the good.

Answer: C

Economics

You might also like to view...

Refer to Figure 4-4. What is the value of producer surplus at the equilibrium price of $15?

A) $80 B) $160 C) $240 D) $400

Economics

Explain how consumer surplus changes when a monopoly price discriminates

What will be an ideal response?

Economics