If Consumers Think That There Are Very Few Substitutes for a Good

question 35

Multiple Choice

If consumers think that there are very few substitutes for a good, then

• A) supply would tend to be price elastic.
• B) none of these answers are correct.
• C) demand would tend to be price inelastic.
• D) demand would tend to be price elastic.
• E) supply would tend to be price inelastic.

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Definitions:

Cognitive Rotation

The mental ability to rotate objects or oneself in three-dimensional space to analyze or solve spatial problems.

Mental Imagery

The representation of sensory experiences in the mind, which can include visual, auditory, and other sensory systems, in the absence of external stimuli.

Obstetricians

Medical doctors specializing in the care of women during pregnancy, childbirth, and the postpartum period.

Biological Sex

The classification of living beings, typically as male or female, based on the structure of reproductive organs and genetic characteristics.