Question
State 3 factors which affect price elasticity of demand.
✓
Answer
Three factors which affect price elasticity of demand are:
(i) Nature of commodity (ii) Availability of substitutes (iii) Habits
(i) Nature of commodity (ii) Availability of substitutes (iii) Habits
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
What is the difference between perfect and imperfect oligopoly?
In which market form are goods sold at a uniform price?
What is meant by primary deposits?
Define market demand or market demand schedule.
How do the logos of ISI, Agmark and Hallmark help the consumers?
What is meant by elastic demand?###When is the demand for a commodity said to be elastic?
What causes a downward movement along a supply curve?
Analyse the images given below and identify the factors of production and explain any one characteristic of the same.
What do you mean by elastic supply?
State two circumstances under which the demand curve slopes upwards to the right..