Answer :

Answer:

Many factors determine the demand elasticity for a product, including price levels, the type of product or service, income levels, and the availability of any potential substitutes. High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price.

Explanation:

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Answer:

(1) availability of substitutes

(2) if the good is a luxury or a necessity,

(3) the proportion of income spent on the good, and

(4) how much time has elapsed since the time the price changed.

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