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Can you provide the answer and explain why

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Reference no: EM132135760

Can you provide the answer and explain why?

The price elasticity of demand for a good will be greater

  • the less available are suitable substitutes for this good
  • the longer the time period considered
  • for a group of related goods as opposed to an element of that group
  • the greater is income
  • all of the above

A value of zero for the elasticity of supply of some product implies that

  • the supply curve is horizontal
  • supply is highly responsive to price
  • the supply curve is vertical
  • the product will not be supplied at any price
  • non of the above

Reference no: EM132135760

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