What are the four main determinants of price elasticity of demand?
What are the four main determinants of price elasticity of demand? The four factors that affect price elasticity of demand are (1) availability of substitutes, (2) if the good is a luxury or a necessity, (3) the proportion of income spent on the good, and (4) how much time has elapsed since the time the … Continue reading What are the four main determinants of price elasticity of demand?
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