PED (2) Flashcards
1
Q
More substitutes cause PED to be?
A
More substitutes cause PED to be elastic, as people have more choice to switch.
2
Q
Higher brand loyalty cause PED to be?
A
Higher brand loyalty cause PED to be inelastic, as less responsive.
3
Q
Less time available cause PED to be?
A
Less time available cause PED to be inelastic, as people care less about price change.
4
Q
Necessity of Good cause PED to be?
A
More Needs of Good cause PED to be inelastic, as people care less about price, as they need it.
