Asked on 8 Jan 2020

The elasticity of demand for a product is likely to be greater:

  1. the greater the amount of time over which buyers adjust to a price change.

  2. the smaller the number of substitute products available.

  3. if the product is a necessity, rather than a luxury good.

  4. the smaller the proportion of one's income spent on the product.

Answered on 8 Jan 2020

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