Question

When the cross elasticity of demand between one product and all other products is low, one is generally referring to a(n) ____ situation. a. pure competition b. monopoly c. oligopoly d. monopolistic competition e. substitution

Answer 1

Answer:

B)monopoly

Explanation:

monopoly can be regarded as situation when company and its product dominate particular sector as well as industry. It give description of an entity which has total control as regards to a market. price elasticity of demand can be regarded as one that measure the sensitivity big the quantity demanded with its price. It should be noted that When the cross elasticity of demand between one product and all other products is low, one is generally referring to a monopoly situation