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MMLU-Pro / 7115 / The price elasticity of demand for a product is greater if

Problem

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question

The price elasticity of demand for a product is greater if

category

economics

options

  1. the proportion of the good of the consumer's budget is high.
  2. the number of substitute products is limited.
  3. the product is unique and has no substitutes.
  4. the consumer has a high income.
  5. the period of time to respond to a price change is short.
  6. the product has a high brand value.
  7. the product is perishable.
  8. the product is a luxury.
  9. the product is a necessity.
  10. the product has a very low cost.

src

ori_mmlu-high_school_microeconomics

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