Economics Multiple Choice Question – 24 May 2018

The closer the substitutes for a good, the ………

Select ONE answer:

1. larger the proportion of income that is spent on the good.
2. smaller the degree of substitutability between the goods.
3. more elastic is the demand for the good.
4. less elastic is the demand for the good.

What is the implication for firms of changes in inflation?

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 3

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