When There Are Fewer Substitutes for a Product, the ________

question 64

Multiple Choice

When there are fewer substitutes for a product, the ________ for the product is ________.

• A) demand; less price elastic
• B) demand; more price elastic
• C) income elasticity; greater
• D) income elasticity; smaller

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Definitions:

Property Tax

A tax on the value of property, such as the value of a home.

Personal Taxes

Taxes levied on the income or property of individuals.

Personal Income

The total earnings of an individual from all sources before taxes, including wages, dividends, interest, and rents.

Federal Government

the national government of a federal state, which shares power with regional or state governments under a system of federalism.