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:

Employer

An entity or individual that hires and pays employees for their labor or services.

Piecewise Function

A function defined by multiple sub-functions, each applying to a certain interval of the main function's domain.

Want Ad

A classified advertisement placed in a newspaper or online platform by individuals seeking to buy, sell, or rent goods and services.

Local Newspaper

A publication focusing on community news, events, and interests, often serving a specific city or region.