What happens when there are very few substitute goods? (a) Demand would tend to be price inelastic (b) Demand would tend to be price elastic (c) Supply would tend to be price inelastic (d) Supply would tend to be price elastic (e) None of the above

What happens when there are very few substitute goods? (a) Demand would tend to be price inelastic (b) Demand would tend to be price elastic (c) Supply would tend to be price inelastic (d) Supply would tend to be price elastic (e) None of the above

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter6: Simple Pricing

Section: Chapter Questions

Problem 6.3IP

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Question

What happens when there are very few substitute goods?
(a) Demand would tend to be price inelastic
(b) Demand would tend to be price elastic
(c) Supply would tend to be price inelastic
(d) Supply would tend to be price elastic
(e) None of the above

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