Q79 A reason why product X has a relatively high price elasticity of demand in the short run is that... a. There are many substitutes for product X in the short run. b. There are few substitutes for product X in the short run. c. The prices of substitute products are constant. d. The price of product X is too low. e. The share of income devoted to product X is low.
Q79 A reason why product X has a relatively high price elasticity of demand in the short run is that... a. There are many substitutes for product X in the short run. b. There are few substitutes for product X in the short run. c. The prices of substitute products are constant. d. The price of product X is too low. e. The share of income devoted to product X is low.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Q79
A reason why product X has a relatively high price elasticity of demand in the short run is that...
a.
There are many substitutes for product X in the short run.
b.
There are few substitutes for product X in the short run.
c.
The prices of substitute products are constant.
d.
The price of product X is too low.
e.
The share of income devoted to product X is low.
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