Ask Question
BusinessBusiness
16 September, 22:09

Explain why an item that has many close substitutes tends to have an elastic demand

+4
Answers (1)
  1. 16 September, 23:17
    0
    The item that has many close substitutes tend to have an elastic demand since this means that the consumers have a lot of variations to choose from. This makes the demand for the item very dependent on the number of consumers this item caters. The more substitutes mean more competition, more choices for the consumers, less demand for a particular item.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Explain why an item that has many close substitutes tends to have an elastic demand ...” 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
Ski Master Company pays weekly salaries of $3,100 on Friday for a five-day week ending on that day. Required: Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday.
Answers (1)
Antonio's makes the greatest pizza and delivers it hot to all the dorms around campus. Last week Antonio's supplier of pepperoni informed him of a 25% increase in price of pepperoni. What happens in the market for Antonio's pizzas?
Answers (1)
Which of the following reflect (s) the degree to which employees feel that their company does business with fairness, honesty, and integrity? A. Job satisfactionB. Trust, justice, and ethicsC. Team processesD. Personality and abilityE. Motivation
Answers (1)
Bronzit Company estimated the following at the beginning of the year: Assembly Department Testing Department Total Overhead $700,000 $100,000 $800,000 Direct Labor Hours 150,500 hrs. 40,500 hrs. 191,000 hrs. Machine Hours 37,000 hrs. 72,000 hrs.
Answers (1)
True or false: by bundling the two books together, book bound can force bookstores to pay more than they would be willing to pay when purchasing the books separately.
Answers (1)
New Questions in Business
A currency trader observes the following quotes in the spot market: 1 U. S. dollar = 122 Japanese yen 1 British pound = 2.25 Swiss francs 1 British pound = 1.63 U. S.
Answers (1)
Mary, Susan, and Sarah are running a beach boutique on the board walk of Ocean City. Their favorite product is a red lifeguard hoody. Mary believes it will sell 341 times next season.
Answers (1)
Stone Foods produces the majority of its cheese products in its U. S. based dairy division at a total outlay cost of $6.00 per unit.
Answers (1)
The last dividend paid by Coppard Inc. was $1.25. The dividend growth rate is expected to be constant at 15% for 3 years, after which dividends are expected to grow at a rate of 6% forever.
Answers (1)
ABC Company issued a bond with face value for $1000, paid annual 10% coupon and 3 years to maturity, what is the value of ABC bonds today if the required rate of return is 12%.
Answers (1)
Home » Business » Explain why an item that has many close substitutes tends to have an elastic demand
Sign Up Forgot Password?