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The author of the passage is chiefly concerned with
This answer choice is too narrow. The author is also concerned with the definition of price elasticity of demand.
Did you read the other answer choices before choosing this one?
Although basic economic models are mentioned in the first paragraph, they are not the topic of the passage as a whole. The passage is specifically concerned with price elasticity of demand.
The passage tells us that only in certain instances (when demand for a product is very inelastic), price has little effect on demand.
The passage does not say that any factors that affect PED are more important than others.
The first paragraph introduces price elasticity of demand and the rest of the paragraphs describe factors which affect it.
Remember - according to the Reading Comprehension Work Order, after you've spotted what you deem to be the correct answer choice, you should scan the other answer choices and make sure there isn't a better one.
The correct answer choice on the GMAT is the best answer choice - not just any answer choice that is somewhat correct. Therefore, if you skip the scanning step of the Work Order, you risk missing a more superior answer choice which is the correct one.
Then it is very important to look at the little differences among the answer choices here.
Remember that Main Idea questions look at the text globally and not just one aspect or one paragraph.
Getting a very brief summary of each paragraph down on your note pad may be a good idea as there is much information and this will also help you avoid the dual traps of keeping things in your head (hence working from memory) and /or going too fast or too slow because you are trying to compare so much info with the answer choices. The notes can be a great and quick reference point for elimination.