ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which is NOT a factor that affects Elasticity?
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Income
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Availability of Goods
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Relative Importance
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Change Over Time
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Explanation:
Detailed explanation-1: -The cost of production cannot affect the elasticity of demand because it is considered a factor that affects the elasticity of supply.
Detailed explanation-2: -What Are the 4 Types of Elasticity? Four types of elasticity are demand elasticity, income elasticity, cross elasticity, and price elasticity.
Detailed explanation-3: -the degree of necessity of the good. that rate at which the desire for the good is satisfied as consumption increases. the level of income of consumers.
Detailed explanation-4: -Luxury. Time period. Availability of substitutes. Necessity and demand of a commodity. The proportion of income spent on the good.
There is 1 question to complete.