Which of the following is NOT a factor affecting the elasticity of demand?
A. Nature of the commodity (necessity or luxury)
B. Availability of substitutes
C. Time period under consideration
D. Cost of production of the commodity
Answer: Option D
Solution (By JKSSB Mock Tests)
Cost of production affects supply, not the elasticity of demand. Elasticity of demand depends on substitutes, nature of the good, income proportion, time, and habits.
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