question archive If an item has several good substitutes, the demand curve for that item is likely to be : - relatively inelastic - relatively elastic - perfectly inelastic - unit elastic
If an item has several good substitutes, the demand curve for that item is likely to be : - relatively inelastic - relatively elastic - perfectly inelastic - unit elastic
Subject:EconomicsPrice:2.88 Bought3
If an item has several good substitutes, the demand curve for that item is likely to be :
- relatively inelastic
- relatively elastic
- perfectly inelastic
- unit elastic
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The correct answer is relatively elastic.
A substitute good can be interchanged with another good for example tea and coffee. Meaning one good can be consumed instead of another good. Thus a relatively small change in in the price of a commodity it will result in a substantial change in quantity demanded.
