Keith has set up a new burger joint in his locality.He is planning on introducing craft beers and milkshakes to the existing menu.Thus, the customers who visit his joint will have a range of options to choose from.This scenario exemplifies ________.
A)identifying substitutes
B)understanding elasticity of demand
C)benchmarking
D)analyzing industry trends

Question

Quizplus · Accepted Answer

By introducing craft beers and milkshakes, Keith is providing alternative options to his customers, which exemplifies identifying substitutes.

Keith Has Set Up a New Burger Joint in His