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In which situation would the elasticity of demand for a product likely to be greater? (1 Point) If the product is a necessity, rather than
In which situation would the elasticity of demand for a product likely to be greater? (1 Point) If the product is a necessity, rather than a luxury good. The smaller the number of substitute products available. The smaller the proportion of one's income spent on the product. The greater the amount of time over which buyers can adjust to a price change
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Microeconomics
Authors: Paul Krugman, Robin Wells
3rd edition
978-1429283427, 1429283424, 978-1464104213, 1464104212, 978-1429283434
