If Consumers Think That There Are Very Few Substitutes for a Good

question 48

Multiple Choice

If consumers think that there are very few substitutes for a good, then

• A) supply would tend to be price elastic.
• B) none of these answers.
• C) demand would tend to be price inelastic.
• D) demand would tend to be price elastic.
• E) supply would tend to be price inelastic.

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Definitions:

Conscientiousness

An attribute defined by the qualities of being structured, dependable, and possessing a significant commitment to duty.

Agreeableness

A personality trait characterized by warmth, kindness, empathy, and a willingness to cooperate with others.

Drug Abuse

The habitual taking of addictive or illegal drugs that leads to a variety of negative social, psychological, and physical outcomes.

Trait

A characteristic or quality of an individual that is considered to be relatively stable and enduring.