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QUESTION 5 Which of the following statements is true? In general, if a product has few substitutes it will have an elastic demand. The more

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QUESTION 5 Which of the following statements is true? In general, if a product has few substitutes it will have an elastic demand. The more time that passes the more inelastic the demand for a product becomes The demand curve for a necessity is more elastic than the demand curve for a luxury. The more narrowly we define a market, the more elastic the demand for a product will be

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