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The more substitutes that exist in a market:

a. higher is the elasticity

b. lower is the elasticity

c. higher is the market share of each product

d. all of the above

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Yusra Anees
Yusra AneesLv10
29 Mar 2021
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Related questions

The more substitutes that exist in a market,
a. the more likely the market will be characterized as an oligopoly.
b. the easier it will be to utilize a target profit pricing strategy.
c. the greater the income elasticity for each product.
d. the lower the price elasticity for each product.
e. the more sensitive consumers will be to changes in the price of a particular product.

12) The price elasticity of demand for a product tends to be greater the A) lower its price. B) more broadly the product is defined. C) fewer close substitutes for it there are. D) more close substitutes for it there are. E) shorter the time span being considered.

Which of the following goods will have a higher price elasticity of demand?

a. A good with few substitutes.

b. A good with many substitutes.

c. A good that represents a small proportion of the consumer's budget.

d. A good that is broadly defined.

e. A good that is a necessity.

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