Economics · Price Elasticity of Demand
E Co manufactures a single product. Which of the following would indicate that the product will have a low price elasticity of demand?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Customers have a number of substitute products that they can choose from
- 2Customers tend to buy the product by habit✓
- 3Customers do not see the product as being a necessity
- 4Customers spend a high proportion of their incomes on the product
Correct answer
Customers tend to buy the product by habit
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