Identify the factor which generally keeps the price-elasticity of a demand for a good high.
(a) Its very high price
(b) Its very low price
(c) Large number of substitutes
(d) None of the above
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When the price elasticity of demand for a good is relatively inelastic, the percentage change in quantity demanded is smaller than that in price. ... When the price elasticity of demand for a good is relatively elastic, the percentage change in quantity demanded is greater than that in price.
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Answer:large no. of substitutes
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