Change in the demand of a commodity due to change in the price of the substitute is an example of
Cross elasticity
Price elasticity
Income elasticity
Inelastic
In case of demand, a slight change in the price will make greater changes in demand
Perfectly elastic
Perfectly inelastic
Elastic
Demand will be more elastic
The higher the income
The lower the price
The shorter the passage of time after a permanent price increase
The more substitutes available for the good.
If the price elasticity of demand for a good is. 75, the demand for the good can be described as:
Normal
Inferior
For which product is the income elasticity of demand most likely to be negative?
Computer software
Used clothing
Basket balls
Bread
The price elasticity of demand generally tends to be:
Smaller in the long tun than in the shot run
Smaller in the short run than in the long run
Un related to the length of time
Larger in the short run than in the long run.
