The demand for gadgets is likely to be more price-elastic, Ask an Expert

Economics

The demand for gadgets is likely to be more price-elastic when:

a. there are no substitutes for gadgets available in the marketplace.

b. consumers are given a long period of time to adjust to a change in the price of gadgets.

c. the price of a gadget is a very large percentage of the typical consumer’s budget.

d. gadgets are considered a luxury by consumers.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91235468

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