Economics Multiple Choice Question – 17 August 2018

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

Select ONE answer:

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

Explain what is the use of supply and demand diagrams to depict excess supply and excess demand:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 1

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