When the Number of Substitutes Increase, the Demand Curve for a Monopolist

question 181

Multiple Choice

When the number of substitutes increase, the demand curve for a monopolist will

• A) not change.
• B) become more elastic.
• C) become more inelastic.
• D) become steeper.

---

Definitions:

Gross National Product

The total value of all goods and services produced by a country's residents and businesses, regardless of where the production takes place.

1870 To 1920

A period characterized by significant industrial, social, and political changes in many countries, including rapid industrialization, the rise of labor movements, and the culmination of World War I.

Tenfold

An increase or having an amount that is ten times as large as another number.

Second Industrial Revolution

A phase of rapid industrialization in the late 19th and early 20th centuries, marked by advancements in steel production, electrical power, and transportation.