If There Are Very Few Substitutes for a Product, Then

question 169

Multiple Choice

If there are very few substitutes for a product, then an increase in its price causes

• A)a relatively large increase in quantity demanded.
• B)a relatively large decrease in quantity demanded.
• C)no change in quantity demanded.
• D)a relatively small increase in quantity demanded.
• E)a relatively small decrease in quantity demanded.

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Definitions:

Legends of Mount Shigi

Traditional tales or myths associated with Mount Shigi, often involving historical or mythical figures, events, and supernatural elements.

Night Attack on the Sanjo Palace

A famous scene depicted in Japanese art that portrays a dramatic 12th-century battle at the Sanjo Palace.

Loanable Funds

The funds available for borrowing in the financial markets, coming from savings and investments, used for loans.

Closed Economy

An economic system that does not engage in international trade, relying solely on its own internal markets.