When There Are More Substitutes for a Product, the ________

question 159

Multiple Choice

When there are more substitutes for a product, the ________ for the product is ________.

• A) demand; less price elastic
• B) demand; more price elastic
• C) income elasticity; greater
• D) income elasticity; smaller

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Definitions:

Mantle-Derived Magmas

Magmas that originate from the partial melting of the Earth's mantle, often rich in magnesium and iron.

Continental Crust

The layer of igneous, sedimentary, and metamorphic rocks which form the continents and the shallow seas close to them, distinguished by its lower density compared to oceanic crust.

Decompression Melting

The process by which melt is generated within the Earth when a body of rock is held at approximately the same temperature but the pressure is reduced.

Mantle-Derived Magmas

Magmas that originate from melting processes within the Earth's mantle, often associated with tectonic activity and volcanic eruptions.