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2 December, 17:30

Which of the following is not a factor affecting elasticity?

A. availability of substitutes

B. the goods relative importance

C. whether the food is a necessity or a luxury

D. the goods price range

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  1. 2 December, 20:43
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    I believe the answer is: D. the goods price range

    - option A is wrong because As a product has less availibility, consumers would have no choice beside that product, which make it become less elastic.

    - Option B is wrong because goods of relative importance tend to be irreplacable regardless of its change in price, which make these goods inelastic

    - Option C is wrong because necessity goods tend to make the goods become more inelastic since our life would be in danger if we don't consume them.
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