Question
In: Economics
In general the greater the number of Substitutes a good has... a. The More Normal the...
In general the greater the number of Substitutes a good has...
a. The More Normal the good is in terms of Income Elasticity of Demand
b. The more negative the Cross Price Elasticity of Demand will be
c. The More Inelastic it is in terms of Price Elasticity of Demand
d. The More Elastic it is in terms of Price Elasticity of Demand
Solutions
Expert Solution
In general the greater the number of Substitutes a good has, d) The more elastic it is in terms of Price Elasticity of Demand.
Explanation: Goods with many alternatives or competitors are elastic because, as the price of the good rises, consumers shift purchases to the substitute items. Thus, if a good has many substitutes, its elasticity will be more in terms of Price Elasticity of Demand.
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