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MMLU / 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

choices

  1. the proportion of the good of the consumer's budget is high.
  2. the period of time to respond to a price change is short.
  3. the number of substitute products is limited.
  4. the product is a necessity.

subject

high_school_microeconomics

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