17. determinants of the price elasticity of demand consider some determinants of the price elasticity of demand: . the availability of dose substitutes . whether the good is a necessity or a luxury how broadly you define the market . the time horizon being considered opod without any dosebttutes s ielythave relativelydemand, sinomumers commot ly witch to a shatitite od t the price of the good rises. a good's price elasticity of demand depends in part on how necessary it is relative to other goods. if the following goods are priced approximately the same, which one has the least elastic demand? o diamond necklace o a heart valve for heart attack victims the price elasticity of demand for a good also depends on how you define the good. organize the goods found in the following table by indicating which is ibely co have the most elaspic demand which is wkely to have the least elastic demand, and which will have demand that falls in between categories most elastic in between least elastic merlot wine beverages the price elasticity of demand is also affected by the given time hornzon compared to the short-run demand for oill the demand for ioil in the long run will tend to be elastie