menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Understanding Modern Economics
  4. Exam
    Exam 4: Consumer Decision Making and Consumer Reaction to Price Changes  
  5. Question
    When There Are a Variety of Substitute Goods Easily Available
Solved

When There Are a Variety of Substitute Goods Easily Available

Question 24

Question 24

Short Answer

When there are a variety of substitute goods easily available, then demand for the good in question is relatively _________ elastic.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q19: The price elasticity of demand measures<br>A) changes

Q20: A rational consumer will<br>A) consider the price

Q21: If the price elasticity of demand for

Q22: Table 4.4<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB10969/.jpg" alt="Table 4.4

Q23: If the price elasticity of demand is

Q25: Which one of the following would make

Q26: The law of diminishing marginal utility asserts

Q27: When expenditures on the good in question

Q28: When demand is perfectly inelastic,<br>A) the price

Q29: If the price of movie admission declines

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines