Good X has very few substitutes while good Y has a lot of substitutes, Other things equal demand for good X is likely to be more then demand for good Y @ Inelastic Perfectly elastic Question 20 2.5 pts If price is below Average Total Cost profit is always below zero. The statement above is: O True both for monopoly and perfect competition O False both for monopoly and perfect competition O Only true for monopoly O Only true for perfect competition