If a product is narrowly defined,it is likely to
A) have many substitutes and therefore its demand is elastic.
B) have few substitutes, and therefore its demand is less elastic.
C) be unique, and therefore its demand is inelastic.
D) be unique and have many substitutes.
E) have a larger proportion of income spent on it.

Question

Quizplus · Accepted Answer

A narrowly defined product typically has many substitutes, making its demand more elastic as consumers can easily switch to alternatives.

If a Product Is Narrowly Defined,it Is Likely to