The absolute price elasticity of demand for a product that has many good substitutes is probably
A) less than 1.
B) greater than 1.
C) equal to 1.
D) infinity.
B
Economics
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What is the law of one price?
What will be an ideal response?
Economics
When a tax is levied on the buyers of a good, the
a. supply curve shifts upward by the amount of the tax. b. quantity supplied increases for all conceivable prices of the good. c. buyers of the good will send tax payments to the government. d. demand curve shifts to the right by the horizontal distance of the tax.
Economics