Which of the following is not a factor affecting elasticity
Asked by maham237 @ in Business viewed by 287 People
A. availability of substitutes
B. the goods relative importance
C. whether the food is a necessity or a luxury
D. the goods price range
Answered by maham237 @
I believe the answer is: D. the goods price range
- option A is wrong because As a product has less availibility , consumers would have no choice beside that product, which make it become less elastic.
- Option B is wrong because goods of relative importance tend to be irreplacable regardless of its change in price, which make these goods inelastic
- Option C is wrong because necessity goods tend to make the goods become more inelastic since our life would be in danger if we don't consume them.
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