Demand for a good will tend to be more elastic if it exhibits this characteristic
A. It represents a small part of the consumer’s income
B. The good hgs many substitutes available
C. It is a necessity (as opposed to luxury)
D. There is little time for the consumer to adjust to the price changes
Answer:B
Demand for a good will tend to be more elastic if it exhibits this characteristic
A. It represents a small part of the consumer’s income B. The good hgs many substitutes available C. It is a necessity (as opposed to luxury) D. There is little time for the consumer to adjust to the price changes