When a Good Has Relatively Few Substitutes

question 57

Multiple Choice

When a good has relatively few substitutes:

• A) demand for the good is elastic.
• B) monopolists will tend to increase their markup for the good.
• C) monopolists will tend to decrease their markup for the good.
• D) producers will be able to "steal" all of the consumer surplus from consumers.

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Definitions:

Injuries

Harm or damage to the body resulting from accidents, falls, hits, weapons, or other external or internal forces.

Unconditional Positive Regard

The acceptance and support of a person regardless of what the individual says or does, especially in the context of client-centered therapy.

Lifestyle

The way in which a person or group lives, encompassing behaviors, attitudes, and values.

Restraint

A measure or condition that keeps someone or something under control or within limits.