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The most important determinant of the price elasticity of demand for a good is:
Answer Options:
A) the definition of the market for a good.
B) the share of the good in the consumer’s budget.
C) whether the good is a necessity or a luxury.
D) the availability of substitutes for the good.
The most important determinant of the price elasticity of demand for a good is the availability of substitutes for the good.