If a commodity has many substitutes, it is most likely that?

Economics

JAMB 1981

A. the demand curve is fairly inelastic
B. the demand curve is fairly elastic
C. the demand curve is paraell to the quantity axis
D. the demand curve is positively sloped
E. the price of the commodity is too high

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Correct Answer: Option B

Explanation

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If a commodity has many substitutes, it is most likely that?

Correct Answer: Option B

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