Jeans in general have fewer close substitutes than a specific brand of jeans. Therefore, the demand for jeans in general will be ________ than the demand for a specific brand of jeans.
A)more elastic
B)less elastic
C)more unit elastic
D)less inelastic

Question

Quizplus · Accepted Answer

Goods with more substitutes have a greater price elasticity of demand because consumers can readily switch to or away from them if their price changes.

Jeans in General Have Fewer Close Substitutes Than a Specific