The More Substitutes That Exist in a Market

question 126

Multiple Choice

The more substitutes that exist in a market,

• A)the lower the price elasticity for each product.
• B)the greater the income elasticity for each product.
• C)the easier it will be to utilize a target profit pricing strategy.
• D)the more sensitive consumers will be to changes in the price of a particular product.
• E)the more likely the market will be characterized as an oligopoly.

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Definitions:

Monogamy

A relationship model where an individual has only one partner during their lifetime or at any one time.

Polygyny

A form of marriage in which one man is married to multiple women at the same time; it is the most common form of polygamy.

Bigamy

The act of marrying one person while still legally married to another, which is illegal in many jurisdictions.

Gay Marriage

The legal or socially recognized union of two people of the same sex.