If a Product Has Only a Few Acceptable Substitutes, Demand

question 14

Multiple Choice

If a product has only a few acceptable substitutes, demand for the product is most likely to be

• A) very inelastic.
• B) inelastic.
• C) elastic.
• D) very elastic.

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Definitions:

Sensory Speech Area

A region in the brain, typically in the temporal lobe, involved in the processing and understanding of spoken language.

Chemoreceptors

Sensory receptors that respond to chemical stimuli, involved in taste, smell, and internal body conditions like oxygen and carbon dioxide levels.

Blood Concentration

The amount of a substance per unit volume of blood, indicating the level of various compounds or cells in the bloodstream.

Glucose

An uncomplicated glucose important for energy in living systems and a building block of numerous carbohydrate forms.