When a Good Has Relatively Few Substitutes

question 57

Multiple Choice

When a good has relatively few substitutes:

• A) demand for the good is elastic.
• B) monopolists will tend to increase their markup for the good.
• C) monopolists will tend to decrease their markup for the good.
• D) producers will be able to "steal" all of the consumer surplus from consumers.

---

Definitions:

Hay Fever Drug

Medications used to relieve the symptoms of hay fever, such as sneezing, runny nose, and itchy eyes, typically including antihistamines.

Experimental Group

The group in a scientific experiment that is exposed to the variable under investigation, to test its effect.

Medication

Substances used to treat or mitigate disease, manage symptoms, or promote health, typically administered with a therapeutic intent.

Informed Consent

The process by which individuals are fully informed about the procedures, risks, benefits, and alternatives of a treatment, study, or experiment, and voluntarily agree to participate.