The More Available Substitutes There Are for a Good,the

question 15

Multiple Choice

The more available substitutes there are for a good,the

• A)larger the number of consumers
• B)smaller the number of consumers
• C)smaller the supply side response
• D)more elastic the demand for that good
• E)less elastic the demand for that good

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Definitions:

Largest

Describing the greatest in size, extent, or capacity.

Set 1

The initial group or collection in a series, which can be distinguished by specific characteristics or parameters.

Histogram

A histogram is a graphical representation of the distribution of numerical data, using bars of different heights to show the frequency of data in consecutive, non-overlapping intervals.

Summary Statistics

Numerical values calculated from a dataset that describe its center, spread, and overall pattern, such as mean, median, and standard deviation.