A normal good with close substitutes is likely to have its price elasticity of demand?
a
between zero and one
b
equal to unity
c
less than unity
d
greater than unity
Explanation
Correct Option
dNo explanation available
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Articulture1234
2 years ago
A good with many close substitutes is likely to have relatively elastic demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises."
