AbbeyCollins4224 AbbeyCollins4224

19-06-2024
Business

Answered

Which of the following statements is true?
A. Elasticity of demand is greater in the short run than in the long run.
B. The larger the share of a person's total budget that is spent on a commodity, the greater that person's price elasticity of demand for that commodity.
C. The closer the substitutes for a particular commodity and the more substitutes there are, the more inelastic the commodity's price elasticity of demand.
D. The elasticity of demand in the short run is the same as in the long run.
E. All of the above

Answer :

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