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A local brewery, due to its budget limitations, produces only one kind of beer and names it Best IPA in the World. Economists call this

A local brewery, due to its budget limitations, produces only one kind of beer and names it "Best IPA in the World". Economists call this a "narrow" definition of the product and argue that in instances like that, typically, there is

a small number of substitutes and the price elasticity of demand is smaller.

a large number of substitutes and the price elasticity of demand is greater.

a small number of substitutes and the price elasticity of demand is greater.

a large number of substitutes and the price elasticity of demand is smaller.

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