The number one factor that determines elasticity of demand is:

Question 11 options:

AThe amount of people producing a good or service

BIf the good or service is a necessity or a luxury

CThe amount of time it takes to change the output of the good or service

D.The amount of people consuming the good or service

Question

ggmo ggmo

25-09-2021
English

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The number one factor that determines elasticity of demand is:

Question 11 options:

AThe amount of people producing a good or service

BIf the good or service is a necessity or a luxury

CThe amount of time it takes to change the output of the good or service

D.The amount of people consuming the good or service

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jayilych4real jayilych4real · Answer 1 · 2021-09-29T15:33:40+02:00

The number one factor that determines elasticity of demand is D.The amount of people consuming the good or service

In economics, there exists demand when a large number of people that consume that product.

Hence, if a particular bar of soap is used by a large number of people when compared to the usage of another brand of soap, then there will be great demand for that particular product, which will in turn lead to an increase in price.

Therefore, the correct answer is option D.