Goods with many close substitutes tend to have
A)more elastic demands.
B)less elastic demands.
C)price elasticities of demand that are unit elastic.
D)income elasticities of demand that are negative.

Question

Quizplus · Accepted Answer

Goods with many close substitutes tend to have more elastic demands because consumers can easily switch to other products if the price of the good increases.

Goods with Many Close Substitutes Tend to Have