If a product has several good substitutes, demand for the product is most likely to be:
A)very inelastic.
B)inelastic.
C)unitary elastic.
D)elastic.

Name: If a product has several good substitutes, demand for the product is most likely to be: A)very inelastic. B)inelastic. C)unitary elastic. D)elastic.
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Question

Quizplus · Accepted Answer

When a product has several good substitutes, consumers can easily switch to another product if the price rises, making the demand for the product elastic.

If a Product Has Several Good Substitutes, Demand for the Product