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:

Subtract

To subtract means to take away one quantity from another, resulting in the difference between the two values.

Highest Score

Represents the largest value or most significant achievement within a set of numerical data or performance metrics.

Lowest Score

Refers to the smallest value or number in a data set.

Range

The difference between the highest and lowest scores in a dataset.