Can you provide the answer and explain why?
The price elasticity of demand for a good will be greater
- the less available are suitable substitutes for this good
- the longer the time period considered
- for a group of related goods as opposed to an element of that group
- the greater is income
- all of the above
A value of zero for the elasticity of supply of some product implies that
- the supply curve is horizontal
- supply is highly responsive to price
- the supply curve is vertical
- the product will not be supplied at any price
- non of the above