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Author Question: The more broadly a good is defined a. the more substitutes it has, so demand will be more ... (Read 15 times)

stock

  • Hero Member
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  • Posts: 573
on: Jul 1, 2018
The more broadly a good is defined
 a. the more substitutes it has, so demand will be more price-elastic
  b. the less substitutes it has, so demand will be more price-elastic
  c. the more substitutes it has, so demand will be less price-elastic
  d. the less substitutes it has, so demand will be less price-elastic
  e. has no effect on the good's price elasticity of demand

Question 2

As DVDs become popular substitutes for video cassettes, demand for video cassettes is likely to
 a. become less price elastic
  b. become more price elastic
  c. increase
  d. stay the same
  e. become unit elastic


sultansheikh

  • Sr. Member
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  • Posts: 335
Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

B


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