The demand for a product is likely to be more elastic:
a. when the market for a product is less narrowly defined.
b. when a product has fewer substitutes availablewhen a product has fewer substitutes available.
c. the more time that passesthe more time that passes.
d. when the cost of a product represents a smaller share of the consumer's budgetwhen the cost of a product represents a smaller share of the consumer's budget.
e. both a and
b.
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