Other things being equal, the price elasticity of demand for a product will be lower:

A.if it is a large part of the consumer's budget.

B.in the long run as compared to the short run.

C.if there are many substitutes available.

D.if there are few or no substitutes available.

A decrease in the price of meat (an ingredient for hamburgers) and an increased concern about obesity caused by the consumption of hamburgers will result in which of the following in the hamburger market?

A. Both the equilibrium price and quantity will increase.

B. Equilibrium price will fall, but equilibrium quantity may decrease, increase, or stay the same

C. Equilibrium quantity will decrease, but equilibrium price may decrease, increase, or stay the same.

D. Both equilibrium price and equilibrium quantity will decrease.

E. Equilibrium quantity will increase, but equilibrium price may decrease, increase, or stay the same.