Demand is relative less elastic under which of the following situations? O a. Shorter time frame than longer time frame O b. More substitutes available than less substitutes available O c. Lower proportion of budget spend on a good than a larger budget proportion O d. Goods are more necessities than luxuries Oe. All except (b) above
Demand is relative less elastic under which of the following situations? O a. Shorter time frame than longer time frame O b. More substitutes available than less substitutes available O c. Lower proportion of budget spend on a good than a larger budget proportion O d. Goods are more necessities than luxuries Oe. All except (b) above
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 15CTQ: Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the...
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![Demand is relative less elastic under which of the following situations?
O a. Shorter time frame than longer time frame
O b. More substitutes available than less substitutes available
O c. Lower proportion of budget spend on a good than a larger budget proportion
O d. Goods are more necessities than luxuries
Oe. All except (b) above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c333679-ad02-4458-92fd-1d30deb8645a%2F843b1436-de8e-4e3f-addf-f21d14d69f3f%2Fasyp0g7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Demand is relative less elastic under which of the following situations?
O a. Shorter time frame than longer time frame
O b. More substitutes available than less substitutes available
O c. Lower proportion of budget spend on a good than a larger budget proportion
O d. Goods are more necessities than luxuries
Oe. All except (b) above
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