The demand for good X will be more elastic than the demand for good Y when good

Question

The demand for good X will be more elastic than the demand for good Y
when good X has fewer substitutes than good Y. good X accounts for a larger percentage of a typical consumer's budget than good Y. consumers have more time to adjust to a change in the price of good X than they have time to adjust to a change in the price of good Y. both b and c all of the above The demand for good X will be more elastic than the demand for good Y
when good X has fewer substitutes than good Y. good X accounts for a larger percentage of a typical consumer's budget than good Y. consumers have more time to adjust to a change in the price of good X than they have time to adjust to a change in the price of good Y. both b and c all of the above good X has fewer substitutes than good Y. good X accounts for a larger percentage of a typical consumer's budget than good Y. consumers have more time to adjust to a change in the price of good X than they have time to adjust to a change in the price of good Y. both b and c all of the above

Explanation / Answer

both b and c

good X accounts for a larger percentage of a typical consumer's budget than good Y.

consumers have more time to adjust to a change in the price of good X than they have time to adjust to a change in the price of good Y.

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