The more narrowly defined a good is, the more elastic the demand for the good will tend to be, ceteris paribus.

Name: The more narrowly defined a good is, the more elastic the demand for the good will tend to be, ceteris paribus.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When a good is narrowly defined, it means there are more substitutes available for it, making consumers more sensitive to changes in its price, hence the demand is more elastic.

The More Narrowly Defined a Good Is, the More Elastic