Question

The price elasticity of demand 1 point
for a good will tend to be more
elastic if
the good is broadly defined (e.g., the
O demand for food as opposed to the
demand for carrots).
O
the good has relatively few
substitutes
a long period of time is required to
fully adjust to a price change in the
good
O
none of the above are true.​

Answer 1

Answer:

Demand for a good will tend to be more elastic if the good has a many substitutes, because many substitutes have more elasticity.