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There are several factors that affect how elastic (or inelastic) the price elasticity of demand is, such as the availability of substitutes, the timeframe, the share of income, whether a good is a luxury vs. a necessity, and how narrowly the market is defined. This resource is designed as a review for the AP Microeconomics Test or a college-level microeconomics course.
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- Knovation Readability Score: 5 (1 low difficulty, 5 high difficulty)
- The intended use for this resource is Instructional
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