A good that is defined broadly has _____
A)more substitutes and a more elastic demand.
B)fewer substitutes and a more elastic demand.
C)more substitutes and a less elastic demand.
D)fewer substitutes and a less elastic demand.
E)more complements and a more elastic demand.

Question

Quizplus · Accepted Answer

A broadly defined good has fewer substitutes because it encompasses a wide range of products, leading to less elastic demand as consumers have fewer alternatives to switch to.

A Good That Is Defined Broadly Has _____