Question

The demand for a product is likely to be more​ elastic:

a. when the market for a product is less narrowly defined.
b. when a product has fewer substitutes availablewhen a product has fewer substitutes available.
c. the more time that passesthe more time that passes.
d. when the cost of a product represents a smaller share of the consumer's budgetwhen the cost of a product represents a smaller share of the consumer's budget.
e. both a and
b.

Answer 1

The demand for a product is likely to be more elastic if there is a presence of more time passes which is letter c. As a demand of a product will likely be affected with the price changes over the period of time. It is because a demand elasticity occurs when there is a presence of change in regards to the demand for goods, such examples are the income of the consumer.