The price elasticity for butter is fairly high

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The price elasticity for butter is fairly high (in absolute value). Which of the following is among the reasons why its demand is so elastic?

Butter is a broad market category that encompasses several specific brands and products.

Butter purchases are a small portion of any consumer's total spending.

The amount of butter dairies produce cannot change quickly in response to price movements.

Butter has close substitutes, namely shortening, yogurt, and especially margarine.

Reference no: EM13886747

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