Economics 9708 · AS & A Level · Price elasticity of demand

Price elasticity of demand — practice question

Which combination is most likely to make the demand for a product highly price elastic?

  • Anumber of close substitutes large; % of income spent on product large
  • Bnumber of close substitutes large; % of income spent on product small
  • Cnumber of close substitutes small; % of income spent on product large
  • Dnumber of close substitutes small; % of income spent on product small

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