The demand for shoes is ___________________ than is the demand for sneakers because __________________.
A) less price elastic; the scope of the market for shoes is less broadly defined
B) more price elastic; the scope of the market for shoes is less broadly defined
C) less price elastic; the scope of the market for shoes is more broadly defined
D) more price elastic; the scope of the market for shoes is more broadly defined

Question

Quizplus · Accepted Answer

The demand for shoes is less price elastic because the market for shoes is more broadly defined, meaning there are fewer substitutes compared to the more narrowly defined market for sneakers.

The Demand for Shoes Is ___________________ Than Is the Demand