The prices of both goods rise by 20%. ​For which good does Qd drop the most? Why?​ For a narrowly defined good such as blue jeans, there are many substitutes (khakis, shorts, Speedos). ​ There are...

The prices of both goods rise by 20%.  ​ For which good does Qd drop the most? Why?​ For a narrowly defined good such as blue jeans, there are many substitutes (khakis, shorts, Speedos). ​ There are fewer substitutes available for broadly defined goods.  ​ (There aren’t too many substitutes for clothing, other than living in a nudist colony.) ​