Ask Question
BusinessBusiness
30 July, 10:38

Goods with many close substitutes tend to have a. more elastic demands. b. less elastic demands. c. price elasticities of demand that are unit elastic. d. income elasticities of demand that are negative.

+2
Answers (1)
  1. 30 July, 10:54
    0
    The correct answer is (A)

    Explanation:

    Normally, goods which close substitutes tend to have more elastic demand as it is easier to switch from one brand to another because they are close substitutes. For example, if the price of Pepsi increases the consumers will easily shift towards Coca-Cola. So, close substitutes are price sensitive and they have high elastic demand compared to other goods.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Goods with many close substitutes tend to have a. more elastic demands. b. less elastic demands. c. price elasticities of demand that are ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
In 2016, teller company sold 3,000 units at $600 each. variable expenses were $420 per unit, and fixed expenses were $240,000. what was tellers 2016 net income?
Answers (1)
A company has a market capitalization of $20,000,000. It has 30% of its market cap sold under preferred stock and 70% under common stock? How much money of the market capitalization is preferred stock? CA 1000
Answers (1)
Vernon finished his presentation and sent it to his boss for review. his boss sent it back and told vernon to see any comments added. vernon went through each of his slides and didn't find any comments. which best describes what he should do?
Answers (1)
Think of an organization with which you are familiar, perhaps one you have worked for - such as a store, restaurant, office, church, or school. Then answer the following questions. 1.
Answers (1)
A company must repay the bank a single payment of $20,000 cash in 3 years for a loan it entered into. The loan is at 8% interest compounded annually. The present value of 1 (single sum) at 8% for 3 years is 0.7938.
Answers (1)
New Questions in Business
On October 6, 2018, the Elgin Corporation signed a purchase commitment to purchase inventory for $81,000 on or before March 31, 2019. The company's fiscal year-end is December 31.
Answers (1)
The manager of a large apartment complex knows from experience that 100 units will be occupied if the rent is 400 dollars per month.
Answers (1)
Frito-Lay produces more than 20 varieties of chips. Suppose a retail store offers to stock five of Frito-Lay chips products in each store across the country.
Answers (1)
Which would not be considered as capital by an economist? a crane used by a building contractor an automobile used by General Electric a share of corporate stock issued by General Motors a razor used by a barber
Answers (1)
An example of an institutional coi is: the organization gives scholarships to some post-doctoral researchers an industry sponsor pays for the construction of a new research laboratory at the organization one of the organization's deans is the
Answers (1)
Home » Business » Goods with many close substitutes tend to have a. more elastic demands. b. less elastic demands. c. price elasticities of demand that are unit elastic. d. income elasticities of demand that are negative.
Sign Up Forgot Password?