If a product is narrowly defined, it is likely to A. have many substitutes and therefore its demand is elastic. B. have few substitutes, and therefore its demand is less elastic. C. be unique, and therefore its demand is inelastic. D. be unique and have many substitutes.
Answer: Narrowly Defined Products Likely Have Few Substitutes and Therefore Have Less Elastic Demand When a product is narrowly defined, it means that there are few substitutes for it. This means that the demand for the product is less elastic,