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The demand for Nike basketball shoes is more price elastic than the demand for basketball shoes as a whole. This is best explained by the fact that there are more substitutes for Nike basketball shoes than for basketball shoes as a whole.
What is Elasticity?
A change in buyers' and sellers' behavior in reaction to a change in the price of a good or service is referred to as elastic behavior in economics. In other words, the degree to which demand for a thing or service changes as its price rises or falls, is what is known as its demand elasticity or inelasticity. The demand for that commodity or service is promptly adjusted by both vendors and customers.
Elasticity is a crucial economic measure because it shows how much of a good or service consumers will purchase when the price rises or falls, which is especially essential for businesses selling goods or services. Elastic goods and services are either unnecessary or easy to replace by substitutes.
Disclaimer- The complete question is-
The demand for Nike basketball shoes is more price elastic than the demand for basketball shoes as a whole. This is best explained by the fact that
(a) Nike basketball shoes are a luxury good, not a necessity
(b) Nike basketball shoes are the best made and widely advertised
(c) there are more complements for Nike basketball shoes than for basketball shoes as a whole
(d) there are more substitutes for Nike basketball shoes than for basketball shoes as a whole.
To know more about demand refer:
https://brainly.com/question/13837149
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