If There Are Few Substitutes for a Product, Few Competitors

question 65

Multiple Choice

If there are few substitutes for a product, few competitors, and a short time period under consideration, then

• A) the price elasticity of demand coefficient is equal to-1.
• B) this product has an elastic demand.
• C) a given percentage change in price will result in a much larger percentage change in the quantity demanded.
• D) if price rises, total revenue (or total consumer expenditures) will also rise.
• E) the price elasticity of demand is large.

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Definitions:

Neurotransmitters

Chemical substances that transmit signals across a synapse from one neuron to another in the brain, influencing various bodily functions and behaviors.

Synaptic Vesicles

Small sacs in a synapse that release neurotransmitters into the synaptic cleft to transmit neural signals between neurons.

Blood-Brain Barrier

A semipermeable barrier of endothelial cells that prevents most substances in the blood from entering the brain, thereby protecting it from toxins while allowing essential nutrients to pass through.

Neuroprotective

Pertaining to substances or practices that protect nerve cells from damage, degeneration, and impairment, often discussed in the context of neurodegenerative diseases.