Question : Which of the following factors affects the price elasticity of demand?

Option 1: Availability of substitutes

Option 2: Time period under consideration

Option 3: Proportion of income spent on the good

Option 4: All of the above

Question : Which of the following factors affects the income elasticity of demand?

Option 1: Availability of substitutes

Option 2: Time period under consideration

Option 3: Proportion of income spent on the good

Option 4: All of the above

Question : Which one is not the type of elasticity of demand?

Option 1: Price elasticity of demand

Option 2: Income elasticity of demand 

Option 3: Cross elasticity of demand 

Option 4: Consumer elasticity of demand

Question : The elasticity of demand for price is:

Option 1: Elasticity = Percentage change in demand/Percentage change in time

Option 2: Elasticity = Percentage change in price/Percentage change in demand

Option 3: Elasticity = Percentage change in demand/Percentage change in supply

Option 4: Elasticity = Percentage change in supply/Percentage change in price

Question : Assertion: The price elasticity of demand for a product is determined solely by the availability of substitutes.

Reason: The more substitutes available for a product, the higher its price elasticity of demand.

Option 1: Both the assertion and reason are correct and related.

Option 2: Both the assertion and reason are correct but not related.

Option 3: The assertion is correct, but the reason is incorrect.

Option 4: The assertion is incorrect, but the reason is correct.