Economics · Demand and Elasticity
Price elasticity of demand is likely to be relatively lower for a commodity when:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The commodity has many close substitutes
- 2The commodity is a necessity✓
- 3The time period considered is long
- 4The commodity occupies a large share of income
Correct answer
The commodity is a necessity
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