Solution-The elasticity of demand for a product is likely

The elasticity of demand for a product is likely to be great

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The elasticity of demand for a product is likely to be greater (Points : 2) the smaller the number of substitute products available. the smaller the proportion of one's income spent on the product. if the product is a luxury rather than an absolute necessity. if the product is an imported good rather than a domestically produced good.

Reference no: EM13316396

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The elasticity of demand for a product is likely to be great : The elasticity of demand for a product is likely to be greater (Points : 2) the smaller the number of substitute products available. the smaller the proportion of one's income spent on the product

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The elasticity of demand for a product is likely to be great

Reference no: EM13316396

Reference no: EM13316396

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