Which of the following is NOT a factor affecting the elasticity of demand?
A. Availability of substitutes
B. Cost of production of the commodity
C. Nature of the commodity (necessity or luxury)
D. Time period under consideration
Answer: Option B
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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