When there are more substitutes for a product, the ________ for the product is ________.
A) demand; less price elastic
B) demand; more price elastic
C) income elasticity; greater
D) income elasticity; smaller

Question

Quizplus · Accepted Answer

When there are more substitutes available for a product, consumers can easily switch to another product if the price of the original product increases, making the demand for the original product more price elastic.

When There Are More Substitutes for a Product, the ________