What is likely to cause a high price elasticity of demand for a product? Pick a,b,c, or d a. The product is habit forming b. Expenditure on the product forms a small proportion of total spending c. The product is considered to a be a necessity? d. There were close substitutes to the product?

ENGR.ECONOMIC ANALYSIS
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What is likely to cause a high price elasticity of demand for a product? Pick a,b,c, or d a. The product is habit forming b. Expenditure on the product forms a small proportion of total spending c. The product is considered to a be a necessity? d. There were close substitutes to the product?
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The measure that depicts the change in quantity being demanded with respect to change in price level is known as price elasticity of demand. 

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