The fewer the number of substitutes for a good, the more elastic ...

[bcretired]

The fewer the number of substitutes for a good, the more elastic the demand for that good. Is the previous statement true or false?
 
  What will be an ideal response?

Question 2

Welding has changed dramatically over the last decade with more welding jobs dependent on the use of computers.
 
  This change increased the demand for welders with computer skills and decreased the demand for welders who lack these skills and is an example of when technology is a ________ to a high-skilled job and a ________ to a low-skilled job. A) complement; substitute
  B) complement; complement
  C) substitute; complement
  D) substitute; substitute

[sierramartinez]

Answer to Question 1

The statement is false. The greater the number of substitutes, the more elastic the demand for that product. Conversely, the fewer the number of substitutes, the less elastic (the more inelastic) the demand for that product.

Answer to Question 2

A

[bcretired]

Thanks for the timely response, appreciate it

[marict]

Excellent