Which of the following statements concerning the price elasticity of demand is (

Question

Which of the following statements concerning the price elasticity of demand is (are) true? (Points : 1)                                           The greater the number of substitute goods, the more price elastic the demand for the product.
                                        The demand for durable goods tends to be more price elastic than the demand for nondurables.
                                        The demand for relatively low-priced goods tends to be more price elastic than the demand for expensive items.
                                        a and b only
                                        a, b, and c

Explanation / Answer

a and b only

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