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Consider the statements regarding elasticity. Over longer periods of time, demand tends to be more elastic. less elastic. perfectly inelastic. With fewer substitutes, demand tends to be perfectly inelastic. less elastic. more elastic. Demand for an item that uses a large portion of your budget tends to be more elastic. less elastic. perfectly inelastic. Demand for a luxury item tends to be more elastic. less elastic. perfectly inelastic.
Consider the statements regarding elasticity. Over longer periods of time, demand tends to be more elastic. less elastic. perfectly inelastic. With fewer substitutes, demand tends to be perfectly inelastic. less elastic. more elastic. Demand for an item that uses a large portion of your budget tends to be more elastic. less elastic. perfectly inelastic. Demand for a luxury item tends to be more elastic. less elastic. perfectly inelastic.
Final answer:Demandelasticitydepends on factors such as substitutes and budget allocation.Explanation:The statements regarding elasticity in the question are:Over longer periods of time, demand tends to beless elastic.With fewer substitutes, demand tends to bemore elastic.Demand for an item that uses a large portion of your budget tends to bemore elastic.Demand for a luxury item tends to beless elastic.Elasticity refers to the responsiveness of demand to changes in price. When demand is more elastic, it means that a small change in price leads to a larger change in quantity demanded. Elasticity depends on factors such as the availability of substitutes and the proportion of the budget spent on the item.Learn more about Elasticity of demand here:brainly.com/question/31293339#SPJ11...