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dule Three Quiz 1. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: . The availability of close substitutes . Whether the good is a necessity or a luxury . How broadly you define the market . The time horizon being considered A good without any close substitutes is likely to have relatively demand, since consumers cannot easily switch to a substitut the price of the good rises. A good's price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approxin same, which one has the least elastic demand? O Diamond necklace O Chemotherapy for cancer patients The price clasticity of demand for a good also depends on how you define the good. Organize the goods found in the following table by indicating which is likely to have the most clastic demand, which is likely to have the least el dernand, and which will have dernand that falls in between. Categories Most Elastic In Between Least Elastic Beverages Merlat O Wine O The price elasticity of demand is also affected by the given time horizon. Other things bring equal, the demand for natural gas will tend to ge elastic In the short run than in the long run