Economics · Microeconomics
The price elasticity of demand for a product will be more elastic if it:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Has no substitutes available
- 2Is a life-saving product
- 3Is an item of essential necessity
- 4Has a large number of close substitutes✓
Correct answer
Has a large number of close substitutes
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