@ Finder File Edit View Go Window Help @ ng.cengage.com Richard '..Q CENGAGE ' MINDTAP Q Search this course Module Three Quiz @ X 1. Determinants of the price elasticity of demand PROFILE Consider the following list containing several price elasticity of demand determinants: ORDERS The availability of close substitutes Whether a good is a luxury or necessity RENTALS How broadly the market is defined The time horizon under consideration COURSES v A good with no close substitutes is predicted to have relatively w demand, since consumers cannot easily switch to a substitute good if Study tools the price of the good were to increase. [T Y ORI TN ] The price elasticity of demand of a good depends in part on its relative necessity in comparison to other goods. Assume the following goods all have approximately the same price. Which of the goods has the least elastic demand? Career Success Tips b > Insulin for people with diabetes @ 0 Help Gold jewelry The price elasticity of demand for a good also depends on how the good is defined. i [c]\\o) | Using the following table, organize the goods by indicating which you predict to have the most elastic demand, the least elastic demand, and the elasticity of demand that falls somewhere in between. @& Finder File Edit Go Window Help @ ng.cengage.com Richard .