A good will tend to have a low price elasticity of demand if Group of answer choices

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A good will tend to have a low price elasticity of demand if

Group of answer choices

it has few substitutes.

a person spends a high percentage of his or her budget on it.

a person has a long period of time to adjust to price changes.

the good is a luxury.

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Macroeconomics Principles, Applications, and Tools

ISBN: 978-0132555234

7th Edition

Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez

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Posted Date: Dec 13, 2022 11:20 AM

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A good will tend to have a low price elasticity of demand if Group of answer choices

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a It has few substitutes If a good has less substitutes or no substitute has a low price ela... View the full answer

Macroeconomics Principles, Applications, and Tools

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