Narrowly defined markets tend to have more elastic demands than do broadly defined markets.

Name: Narrowly defined markets tend to have more elastic demands than do broadly defined markets.
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This is because in narrowly defined markets, consumers have more specific needs and preferences, and there may be more substitutes available. As a result, they are more likely to be sensitive to changes in price and may be more willing to switch to a competitor if the price increases.

Narrowly Defined Markets Tend to Have More Elastic Demands Than