When there are fewer substitutes for a product, the ________ for the product is ________.
A. demand; more price elastic
B. income elasticity; greater
C. income elasticity; smaller
D. demand; less price elastic
Answer: D
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During the 1990s, Japan experienced periods of deflation and nominal interest rates that approached zero percent. Why would anyone lending money agree to a nominal interest rate of almost zero percent?
What will be an ideal response?
Interdependent decision making on price, quality, or advertising is characteristic of
a. perfect competition b. monopolies c. oligopolies d. monopolistic competition e. both oligopolies and monopolistic competition
Noah values his car at $10,000, and Emily values it at $14,000 . If Emily buys it from Noah for $11,000, which of the following is true?
a. Noah gains $1,000 of value, and Emily gains $3,000 of value. b. Noah gains $11,000 of value, and Emily loses $11,000 of value. c. Noah gains $10,000 of value, and Emily loses $14,000 of value. d. Noah and Emily both gain $11,000 of value.
All goods that are excludable are also rival in consumption, but not all goods that are rival in consumption are excludable
a. True b. False Indicate whether the statement is true or false