When the expenditure on the product represent a small
A demand for a product is more elastic
When it has few substitutes
In the long-run
When the expenditure on the product represent a small portion of the budget
When the product is broadly defined
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a demand for a product is more elasticwhen it has few substitutesin the long-runwhen the expenditure on the product
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suppose the demand curve for steel is q 100 - p where pis the price per unit of steel and qmeasures millions of units
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