The demand for Nike shoes will be _________________ than the demand for shoes in general.
A)More elastic
B)More inelastic
C)Less elastic
D)Less inelastic

Question

Quizplus · Accepted Answer

Nike shoes are a specific type of shoe, so the demand for Nike shoes will be more elastic than the demand for shoes in general. This is because consumers are more likely to switch to other brands of shoes if the price of Nike shoes increases, but they are less likely to switch to other types of shoes if the price of shoes in general increases.

The Demand for Nike Shoes Will Be _________________ Than the Demand