Ceteris paribus, the demand for a product will be relatively elastic if a. There are no close-substitute

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Ceteris paribus, the demand for a product will be relatively elastic if

a. There are no close-substitute products available.

b. Spending on the product constitutes a very small portion of consumer income.

c. The product is considered to be a luxury.

d. The consumer has very little time to adjust to a price change.

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Introduction To Economics Social Issues And Economic Thinking

ISBN: 9780470574782

1st Edition

Authors: Wendy A. Stock

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Question Posted: Oct 28, 2023 06:54 AM

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Ceteris paribus, the demand for a product will be relatively elastic if a. There are no close-substitute

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c The product is considered to be a luxury The dema...View the full answer

Introduction To Economics Social Issues And Economic Thinking

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