If a Substitute Good Is Easy to Find,then Demand for a Good

question 107

Multiple Choice

If a substitute good is easy to find,then demand for a good is

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) perfectly inelastic.
• E) Substitutes don't have any effect on elasticity.

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Definitions:

Niche Category

A specialized segment of the market for a particular kind of product or service.

Hybrid Strategy

A competitive business strategy that combines elements of cost leadership and differentiation strategies, aiming to provide high value at a lower cost.

Customer Focus

A business orientation that prioritizes the needs and requirements of customers in product development and service delivery.

Cost Leadership

A strategy where a company aims to become the lowest cost producer in the industry to gain competitive advantage.