Which of the following would tend to DECREASE the elasticity of demand for good

ID: 2505818 • Letter: W

Question

Which of the following would tend to DECREASE the elasticity of demand for good X? The cost of producing X decreases. Several firms which used to produce substitutes for X go out of business. Consumers begin spending a smaller percentage of their income on X. both b and c all of the above Which of the following would tend to DECREASE the elasticity of demand for good X? The cost of producing X decreases. Several firms which used to produce substitutes for X go out of business. Consumers begin spending a smaller percentage of their income on X. both b and c all of the above The cost of producing X decreases. Several firms which used to produce substitutes for X go out of business. Consumers begin spending a smaller percentage of their income on X. both b and c all of the above

Explanation / Answer

Consumers begin spending a smaller percentage of their income on X. 100% correct

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Which of the following would tend to DECREASE the elasticity of demand for good

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