What are the key determinants of the price elasticity of demand for a product?Part 2The key determinants of the price elasticity of demand for a product are:Part 3

A.

government regulations, control of a key resource necessary for production, network externalities, and economies of scale.

B.

number of firms, availability of close substitutes, and ease of firm entry and exit.

C.

whether a firm has market power, whether some consumers are willing to pay more for a product than other consumers, and ability to segment the market.

D.

competition from existing firms, threat from potential entrants, competition from substitutes, bargaining power of buyers, and bargaining power of sellers.

E.

availability of close substitutes, passage of time, necessities versus luxuries, definition of the market, and share of the good in the consumer's budget.