CAIE A-Level Economics AS 2.2.6 Elasticity Determinants Questions

Practise explaining how substitutes, necessity, income share, time and market definition affect price elasticity of demand using CAIE Economics AS questions.

Exam points

Explain the determinants of price elasticity of demand, including substitutes, necessity, income share, time and market definition.

[Maximum number: 1]

When is the price elasticity of demand for a product most likely to be price elastic?

A large percentage of income is spent on the product.

It is measured in the short run.

It is a necessity product.

There are few substitutes available.

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CAIE A-Level Economics AS 2.2.6 Elasticity Determinants Questions question 1