When There Are Many Substitutes Available in the Market for a Particular

question 75

Multiple Choice

When there are many substitutes available in the market for a particular product,consumers

• A) have a hard time switching from one product to another,making demand more elastic.
• B) have a hard time switching from one product to another,making demand more inelastic.
• C) can easily switch from one product to another,making demand more elastic.
• D) can easily switch from one product to another,making demand more inelastic.

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Definitions:

Natural Selection

Natural selection is a process in evolutionary biology where organisms with traits better suited to their environment tend to survive and reproduce more than those with less advantageous traits.

New Species

A species that is newly discovered and/or formally described by scientists.

Geographic Isolation

A situation where a population of species is physically separated from exchanging genetic material with other such populations due to geographical barriers.

Reproductive Isolation

A set of mechanisms or barriers that prevent different species from breeding with each other, thus maintaining species boundaries.