Holding everything else constant, the absolute value of the price elasticity of demand for Saucony tennis shoes is ________ the price elasticity of demand for tennis shoes in general.
A)less than
B)equal to
C)twice as great as
D)greater than

Question

Quizplus · Accepted Answer

The demand for a specific brand like Saucony is more elastic than the demand for tennis shoes in general because consumers can more easily substitute other brands if the price of Saucony shoes increases.

Holding Everything Else Constant, the Absolute Value of the Price