Question:
Which of the following are the determinants for the price elasticity of demand?
(A) Availability of close substitutes
(B) Necessities versus Luxuries
(C) Definition of the market
(D) Time Horizon
Which of the following are the determinants for the price elasticity of demand?
(A) Availability of close substitutes
(B) Necessities versus Luxuries
(C) Definition of the market
(D) Time Horizon
(A) Availability of close substitutes
(B) Necessities versus Luxuries
(C) Definition of the market
(D) Time Horizon
Show Hint
Price elasticity is influenced by substitutes, necessity, market definition, and time horizon.
Updated On: Feb 11, 2026
- (A), (B) and (C) only.
- (A), (B) and (D) only.
- (A), (B), (C) and (D).
- (B), (C) and (D) only.
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The Correct Option is C
Solution and Explanation
Price elasticity of demand is determined by:
- The availability of close substitutes (A)
- Whether the good is a necessity or luxury (B)
- Definition of the market (C)
- Time Horizon (D)
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