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:

High Demand

A market condition where the desire for a product or service greatly exceeds the supply available.

AmazonSupply

An Amazon service aimed at providing businesses with a marketplace for industrial and scientific supplies. Note: As of my last update, AmazonSupply has been rebranded as Amazon Business.

Inventory

A complete list of items such as property, goods in stock, or the contents of a building.

Comet Bathroom Cleaner

A popular cleaning product designed for cleaning bathrooms and eliminating tough stains.