Which of the following is a correct statement about the own-price elasticity of demand?

Managerial Economics

Which of the following is a correct statement about the own-price elasticity of demand?

Demand tends to be more inelastic in the short-term than in the long-term
Demand tends to be more elastic as more substitutes are available
Demand tends to be more inelastic for goods that comprise a smaller share of a consumer's budget
All of the statements are correct

Which of the following is a correct statement about the own-price elasticity of demand?Answer:All of the statements are correct.

Tags: Quantitative Demand Analysis