If a good has many close substitutes, then its demand is most likely
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly inelastic.
E) elastic or inelastic depending on whether the price of the good is increasing or decreasing.
A
Economics
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"A single-price monopoly charges a higher price and produces more output than a perfectly competitive industry." Is the previous statement correct or incorrect? Explain your answer
What will be an ideal response?
Economics
Between August 2007 and July 2008, Brazil exported more than 3.5 billion pounds of coffee to the rest of the world. This fact means that
A) Brazilian coffee workers "gain" from this trade. B) Brazilian producers "lose" from this trade. C) Brazilian consumers "gain" from this trade. D) Brazilian car manufacturers "lose" from this trade.
Economics