Question : Which of the following factors affects demand elasticity at prices?
a) The commodity's nature
a) Income status
c) The availability of alternatives
Option 1: A only
Option 2: B and C only
Option 3: C only
Option 4: All of these
Answer (1)
7th Jan, 2024
Correct Answer: All of these
Solution :
There are five factors which are affected the price elasticity of demand:-
1. Nature or type of Good
2. Availability of Substitutes
3. Price Level
4. Income Levels
5. Time Period
Hence d is the correct answer.
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