If the Consumers Cannot Switch to a Close Substitute When

question 21

Multiple Choice

If the consumers cannot switch to a close substitute when the price of a good increases,the demand for that good is likely to be:

• A)elastic.
• B)inelastic.
• C)unitary elastic.
• D)perfectly elastic.

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Definitions:

Remodeling Project

A project that involves making improvements or alterations to a building or space to enhance its appearance or functionality.

Electric Wire

Conductors made of metal used to carry electricity from one place to another.

Miles Per Gallon (Mpg)

A measure of how far a vehicle can travel on a gallon of fuel, used as a standard to assess fuel efficiency.

Kilometers (Km)

A unit of length in the metric system equal to one thousand meters or approximately 0.62 miles.