Question

Which of the following influences the price elasticity of demand?
1. percentage of a consumer's budget
2. amount of time available to adjust to price changes
3. number and availability of substitutes
4. all of the above
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thank you!!

Answer 1

Explanation:

1. percentage of a consumer's budget

Answer 2

The given factor that determines the price elasticity of demand is 3. number and availability of substitutes.

What determines price elasticity of demand?

The price elasticity of demand refers to how much demand can change as a result of a change in price.

If a good has several available substitutes, it would have a higher price elasticity of demand because people who switch to other products if prices rise.

Find out more on price elasticity of demand at https://brainly.com/question/5078326.

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