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11 Dec 2019
Other things equal, the demand for a good tends to be more inelastic, the:
(i) fewer the available substitutes.
(ii) longer the time period considered.
(iii) more the good is considered a luxury good.
(iv) more narrowly defined is the market for the good.
Other things equal, the demand for a good tends to be more inelastic, the:
(i) fewer the available substitutes.
(ii) longer the time period considered.
(iii) more the good is considered a luxury good.
(iv) more narrowly defined is the market for the good.
Lelia LubowitzLv2
21 Jan 2020