A good will tend to have a low price elasticity of demand if Group of answer choices
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Question:
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.
Related Book For
Macroeconomics Principles, Applications, and Tools
ISBN: 978-0132555234
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
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