The demand for Ben & Jerry's ice cream is _____ price elastic than the demand for all ice cream because _____.
A) less; the scope of the market for Ben & Jerry's is less broadly defined
B) more; the scope of the market for Ben & Jerry's is less broadly defined
C) less; Ben & Jerry's has fewer available substitutes
D) more; Ben & Jerry's has fewer available substitutes

Question

Quizplus · Accepted Answer

The demand for Ben & Jerry's ice cream is more price elastic than the demand for all ice cream because the scope of the market for Ben & Jerry's is less broadly defined, making it easier for consumers to find substitutes if the price of Ben & Jerry's increases.

The Demand for Ben & Jerry's Ice Cream Is _____