Jeans in General Have Fewer Close Substitutes Than Any Specific

Suppose that the demand for electricity has been found to be inelastic.The most likely explanation for this finding is that: A)electricity is a luxury commodity. B)the fraction of income spent on electricity is large. C)few substitutes exist for electricity. D)electricity is a monopoly market.

Suppose that there is only one small clothing store in the remote village of Green Acres,and until recently all of the townspeople bought most of their shirts there.As more people in Green Acres become connected to the Internet,the price elasticity of demand for shirts at the Green Acres store will: A)increase because the Internet offers more substitutes. B)decrease because the Internet offers more substitutes. C)remain the same,but the quantity demanded will decrease as more people shop online. D)remain the same,but the quantity will decrease as more people shop online.