The More Substitutes There Are for a Product

question 3

Multiple Choice

The more substitutes there are for a product,

• A) the less price elastic the demand for the product is.
• B) the more price elastic the demand for the product is.
• C) the greater the income elasticity for the product.
• D) the smaller the income elasticity for the product.

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Definitions:

Real Estate

Assets that include land, the structures on that land, as well as the natural resources present.

Deeds

Legal documents that transfer ownership of real estate from one party to another and include information like the legal description of the property and the names of the buyer and seller.

Restrictive Covenant

A clause in a contract that limits certain actions of the parties involved, often used in employment contracts and real estate agreements to restrict competition or the use of property.

Specific Performance

A legal remedy in contract disputes requiring the party who breached the contract to perform their obligations as originally agreed, instead of simply paying damages.