Multiple Choice Economics
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Which of the following statements concerning the price elasticity of demand is (are) true?
a The greater the number of substitute goods, the more price elastic the demand for the product.
b The demand for durable goods tends to be more price elastic than the demand for nondurables.
c The demand for relatively low-priced goods tends to be more price elastic than the demand for expensive items.
d a and b only
e a, b, and c
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a is right: The greater the number of substitute goods, the easier for the consumer to choose a different good in response ...
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