Final answer:
The answer to the question is B) Availability of close complements to the product. This factor is related to cross-price elasticity of demand, not the price elasticity of demand for a single product.
Step-by-step explanation:
The price elasticity of demand refers to how sensitive the demand for a product is to a change in its price. The factors that affect price elasticity of demand include:
Availability of substitutes. When close substitutes are available, consumers can easily switch to another product if the price of one increases, resulting in more elastic demand.
The role of time in the adjustment of demand to a change in price. More time allows for a greater response to price changes, making demand more elastic over longer periods.
Considering these factors, the correct answer to the question - which of these is not a factor of price elasticity of demand - is:
B) Availability of close complements to the product
While complements do affect demand, they are related to cross-price elasticity of demand, not to the price elasticity of demand for a single product. In cross-price elasticity, the demand for one product is affected by the change in price of another related product.