The closer the substitutes for a good, the ………
Select ONE answer:
- larger the proportion of income that is spent on the good.
- smaller the degree of substitutability between the goods.
- more elastic is the demand for the good.
- less elastic is the demand for the good.
What is the implication for firms of changes in inflation?
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This is multiple choice question is suitable for Economics KS5 classes.
The answer is 3
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