The More Substitutes Available for a Product, the

question 355

Multiple Choice

The more substitutes available for a product, the

• A) larger is its price elasticity of demand.
• B) smaller is its income elasticity of demand.
• C) smaller is its price elasticity of demand.
• D) larger is its income elasticity of demand.

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Definitions:

Outermost Layer

The surface or external layer of an object or organism.

Taste Cells

Specialized sensory cells located on the taste buds that are responsible for detecting the five basic tastes: sweet, sour, salty, bitter, and umami.

Innermost Layer

The deepest layer within a structure or object, often referring to the inner layer of bodily organs or the Earth.

Equilibrium Receptors

Sensory receptors that help maintain balance and spatial orientation by detecting changes in position or acceleration.