Asked by Abdul Rahaman Hakim Mohammed on Sep 24, 2024
Verified
The demand for Nike shoes is _________________ than the demand for shoes in general.
A) More elastic
B) More inelastic
C) Less elastic
D) Less inelastic
Demand for Nike Shoes
The consumer desire and willingness to purchase Nike brand footwear, influenced by factors like price, quality, and brand loyalty.
More Elastic
Describes a situation where the demand for a product or service is more sensitive to changes in price, meaning consumers are more likely to increase or decrease their quantity demanded in response to price changes.
Shoes in General
Footwear items designed to protect and provide comfort to human feet while offering varying degrees of style and fashion.
- Interpret the significance of substitutes and complements in determining demand elasticity.
Verified Answer
JR
Jessica Rodrigues7 days ago
Final Answer :
A
Explanation :
The demand for Nike shoes is more elastic than the demand for shoes in general because consumers can more easily substitute Nike shoes with other brands, whereas the demand for shoes in general (as a category) is less elastic due to the lack of close substitutes for footwear itself.
Learning Objectives
- Interpret the significance of substitutes and complements in determining demand elasticity.