If a Good Is a Necessity with Few Substitutes,then Demand

question 131

Multiple Choice

If a good is a necessity with few substitutes,then demand will tend to:

• A)be relatively price-elastic.
• B)be relatively price-inelastic.
• C)have price elasticity equal to 1.
• D)be the same as that of a luxury good.

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Definitions:

Osteocytes

Mature bone cells encased in the calcified matrix, responsible for maintaining the bone tissue.

Osteon

The fundamental unit of compact bone, consisting of a central canal surrounded by concentric rings of bone matrix.

Osteoblasts

Cells responsible for the formation and mineralization of bone tissue.

Epiphysis

The end part of a long bone, initially growing separately from the shaft but later fusing to it.