one of the factors determining price elasticity of demand for a commodity is the

The factor determining price elasticity of demand for a commodity is the availability of close substitutes. When a commodity has many close substitutes, consumers have more options to choose from, and they can easily switch to another product if the price of their preferred commodity increases. In this case, the demand for the commodity is said to be elastic, meaning that a change in price will have a significant impact on the quantity demanded. On the other hand, when a commodity has few or no close substitutes, consumers have limited options, and they may still purchase the product even if the price increases. In this case, the demand for the commodity is said to be inelastic, meaning that a change in price will have little impact on the quantity demanded. Therefore, the availability of close substitutes is an important determinant of price elasticity of demand for a commodity.