The price elasticity of demand for a good will tend to be larger:

A) the longer the time available to adjust to price changes.
B) the fewer number of substitute goods available.
C) if it is a staple.
D) if it is relatively inexpensive.

Price Elasticity

A measure of how much the quantity demanded of a good changes in response to a change in the price of that good.

Substitute Goods

Products or services that can serve as replacements for each other; when the price of one increases, the demand for the alternative is likely to increase.

Time Available

The total hours or minutes that can be allocated to certain activities or tasks within a given period.