All other things being equal, the __________ substitutes for a good, the __________ the price elasticity of demand.
A)fewer; higher
B)more; higher
C)more; lower
D)a and c
E)none of the above

Question

Quizplus · Accepted Answer

The more substitutes there are for a good, the higher the price elasticity of demand, because consumers can easily switch to alternatives if the price of the good increases.

All Other Things Being Equal, the __________ Substitutes for a Good