Question : 31.When a good has a lot of close substitutes available, : 1379009

31.When a good has a lot of close substitutes available, it is likely to be:

A. more price elastic than goods without close substitutes available.

B. less price elastic than goods without close substitutes available.

C. more price elastic than those with a lot of complement goods available.

D. less price elastic than those with a lot of complement goods available.

32.A box of corn flakes cereal 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 cereal is a unique product.

D. less price elastic, since the cereal is a unique product.

33.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.

34.Many say that there is no substitute for a real diamond. This would imply that diamonds:

A. are price elastic.

B. are price inelastic.

C. are unit elastic.

D. are not a sustainable market.

35.Pencils are likely ____________ than diamonds because ___________.

A. less price elastic; they have more available substitutes

B. more price elastic; they have more available substitutes

C. less price elastic; they cost much less than a diamond

D. more price elastic; they have more practical uses

36.Cars are _________ than yachts because _______________.

A. less price elastic; they have more available substitutes

B. more price elastic; they have more available substitutes

C. less price elastic; they are more of a necessity good

D. more price elastic; they are more of a necessity good

37.Novels are _____________ than textbooks because __________________.

A. less price elastic; they have more available substitutes

B. more price elastic; they have less available substitutes

C. less price elastic; they have less available substitutes

D. more price elastic; they have more available substitutes

38.Spring break vacations are _________________ than tuition payments because ________________.

A. less price elastic; they have more available substitutes

B. more price elastic; they have less available substitutes

C. less price elastic; they are more of a luxury good

D. more price elastic; they are more of a luxury good

39.A cup of coffee is ______________ than dinner out at a fancy restaurant because _________________.

A. less price elastic; it is a smaller portion of one’s income

B. more price elastic; it is a smaller portion of one’s income

C. less price elastic; it is more of a luxury good

D. more price elastic; it is more of a luxury good

40.A pack of gum is ______________ than a steak because _______________.

A. less price elastic; it is a smaller portion of one’s income

B. more price elastic; it is a smaller portion of one’s income

C. less price elastic; they are more of a luxury good

D. more price elastic; they are more of a luxury good