If consumers only spend a small proportion of their income on a good, demand for that good will be highly price elastic.
A. 对
B. 错
A good for which there are a large number of close substitutes will be highly price elastic.
A. 对
B. 错
Supply is likely to be inelastic if firms have lots of spare capacity.
A. 对
B. 错
Supply is likely to be more elastic in the short run than the long run.
A. 对
B. 错