The More Substitutes Available for a Product, the

question 116

Multiple Choice

The more substitutes available for a product, the

• A) larger is its price elasticity of demand.
• B) smaller is its income elasticity of demand.
• C) larger is its income elasticity of demand.
• D) smaller is its price elasticity of demand.

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Definitions:

Two Fifths

A fractional term used to represent the ratio of 2 out of 5 parts or 40% of a whole.

Forgotten Population

A term referring to groups or communities that are overlooked, marginalized, or underserved by mainstream society or policies.

Non-College-Bound Youth

Young individuals who choose not to pursue tertiary education after completing high school, opting for other paths instead.

Western Culture

The social norms, beliefs, values, and customs originating from countries in the Western hemisphere, particularly Europe and North America.