List four determinants of price elasticity of demand.

• A. Availability of substitutes; proportion of income spent on the good; whether the good is a luxury or a necessity; time period under consideration.
• B. Tax rate; number of buyers; consumer debt; advertising.
• C. Color of packaging; brand sponsorship; weather; season.
• D. Availability of substitutes; price of substitutes; consumer income; product durability.

Answer: (A)