The ________ substitutes there are for a product, the ________ the demand for that product is likely to be.
A) fewer; less elastic
B) fewer; less inelastic
C) more; less elastic
D) more; more inelastic

Question

Quizplus · Accepted Answer

The more substitutes there are for a product, the more elastic the demand for that product is likely to be, because consumers can easily switch to alternatives if the price of the product increases. Therefore, the correct statement is the opposite of what's provided in option A.

The ________ Substitutes There Are for a Product, the ________

The Substitutes There Are for a Product, the