Which of the following factors contribute to higher elasticity of demand?
Statement a: more the number of close substitutes
Statement b: less the proportion of income spent on the goods
Statement c: more the number of uses of the commodity
Choose the correct option from those below:
1
Statement a and b are correct.
2
Statement a, b and c are correct.
3
Statement a and c are correct.
4
Statement b and c are correct.