Ask Question
BusinessBusiness
19 September, 16:26

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.

+3
Answers (1)
  1. 19 September, 20:21
    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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
When elizabeth was asked to be the after-dinner speaker?
Answers (1)
Lew Co. sold 200,000 corrugated boxes for $2 each. Lew's cost was $1 per unit. The sales agreement gave the customer the right to return up to 60% of the boxes within the first six months, provided an appropriate reason was given.
Answers (1)
An rn is a supervisor in an organization that has total quality management (tqm) as the backbone of its organizational goals and objectives for quality control. how does the rn practice tqm on the unit?
Answers (1)
Assume a new investment project is expected to generate $1,000 and $1,000 in free cash flows for two years (2021 (first year) and 2022 (Second year)), respectively. The forecasted annual inflation is 2 % a year.
Answers (1)
Calculating Future Values. You have $6,150 to deposit. Regency Bank offers 12 percent per year compounded monthly (1 percent per month), while King Bank offers 12 percent but will only compound annually.
Answers (1)
New Questions in Business
Leno Company sells goods to the Fallon Company for $10,000. It offers credit terms of 2/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of: A. $10,200. B. $10,000. C.
Answers (1)
How much do community college professors get paid?
Answers (1)
To determine the true cash balance Multiple Choice a. add bank collections of depositors' accounts receivable to the unadjusted book balance. b. subtract bank service charges from the unadjusted book balance. c.
Answers (1)
Buying inventory in large lots to take advantage of quantity discounts can be responsible for a high inventory turnover ratio. True/False
Answers (1)
The internal rate of return is the: Select one: a. Discount rate that results in a zero net present value for the project. b. Rate of return required by the project's investors. c. Project's current market rate of return. d. None of these choices. e.
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?