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shtirl [24]
3 years ago
10

Name three factors that determine a good’s or service’s elasticity.

Business
2 answers:
pav-90 [236]3 years ago
4 0

Answer:

Many factors determine the demand elasticity for a product, including price levels, the type of product or service, income levels, and the availability of any potential substitutes. High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price.

Explanation:

katen-ka-za [31]3 years ago
3 0

Answer:

<h3>(1) availability of substitutes</h3><h3>(2) if the good is a luxury or a necessity, </h3><h3>(3) the proportion of income spent on the good, and</h3><h3>(4) how much time has elapsed since the time the price changed.</h3>
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