What is an important influence on price elasticity of demand?
A average earnings B tastes of consumers
C the cost of living D the number of close substitutes
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The four factors that affect price elasticity of demand are (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. If income elasticity is positive, the good is normal.
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The answer is option A ,average learning.
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