The Availability of Substitutes Makes the Demand for a Good

question 177

True/False

The availability of substitutes makes the demand for a good less elastic.

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Definitions:

Circumstances

The conditions or facts affecting a situation, event, or action.

Own Choices

Decisions made independently by an individual, based on personal preference or judgment.

Myers-Briggs Test

A psychological assessment that categorizes individuals into personality types based on their preferences in perceiving the world and making decisions.

Aptitude

A natural ability to do something or to learn something.