Farmfresh brand apple juice is likely to be:
A)very price elastic,since there are many close substitutes available.
B)less price elastic,since there are many close substitutes available.
C)very price elastic,since the adjustment time is so fast.
D)less price elastic,since the adjustment time is so slow.

Question

Quizplus · Accepted Answer

The availability of many close substitutes makes the demand for Farmfresh brand apple juice highly elastic, meaning consumers can easily switch to other brands or types of juice if the price of Farmfresh apple juice were to increase.

Farmfresh Brand Apple Juice Is Likely to Be