Introduction to Economics 1 Deneme Sınavı Sorusu #1238384

Price elasticity depends on availability of close substitutes to the consumers.

Price elasticity is determined by whether the good is a necessity or a luxury for the consumers

A factor that affects the price elasticity is the share (weight) of a good’s cost in the consumers’ budget.

Another factor that influence the price elasticity is the wealth of the consumers.

Finally pirce elasticity is contingent on the time horizon.

Yanıt Açıklaması:

Consumers' income whe considerin demand is related to income elasticity, not price elasticity.

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