The more ___ a product is defined, the more substitutes are likely to be available, and the more price ___ it will be.

(A) broadly; elastic

(B) broadly; unit elastic

(C) narrowly; elastic

(D) narrowly; inelastic

The more substitutes available for a​ product, the greater the price elasticity of demand.

The more substitutes that exist in a market,
a. the more likely the market will be characterized as an oligopoly.
b. the easier it will be to utilize a target profit pricing strategy.
c. the greater the income elasticity for each product.
d. the lower the price elasticity for each product.
e. the more sensitive consumers will be to changes in the price of a particular product.

20) The demand for a good will be more price inelastic, A) the larger is the percentage of income spent on it. B) the higher is its price. C) the smaller the supply of the good. D) the fewer substitutes are available for the good. E) the longer is the passage of time since a price change.