Holding everything else constant, the absolute value of the price elasticity of demand for Saucony tennis shoes is ________ the price elasticity of demand for tennis shoes.
A) less than
B) equal to
C) twice as great as
D) greater than

Question

Quizplus · Accepted Answer

The price elasticity of demand for a specific brand like Saucony is typically greater than that for the general category of tennis shoes because consumers can more easily substitute between brands than between different types of products.

Holding Everything Else Constant, the Absolute Value of the Price