Question: The reason a brand name item ( e - g . , Tyson chicken ) has a larger price elasticity than a class of items
The reason a brand name item eg Tyson chicken has a larger price elasticity than a class of items eg chicken is that
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there are fewer substitutes for Tyson chicken than for chicken generally.
the share of income spent on "chicken" is larger than spent on "Tyson Chicken".
there are fewer substitutes for chicken generally than for Tyson chicken.
it takes a lot of time to adjust to a substitute brand of chicken.
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