O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2014 · Q41 Mark

What is most likely to influence the price elasticity of demand for a food?

Achange in consumer tastes

Bthe number of close substitutes

Cthe rate of inflation

Dwhether the food can be stored easily

✓ Correct answer

B: the number of close substitutes

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2014 Paper 1 Variant 2, question 4.

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