If a Product Has a Close Substitute, Its Demand Will

question 57

Multiple Choice

If a product has a close substitute, its demand will likely be ________.

• A) inelastic
• B) elastic
• C) cross-elastic
• D) fixed
• E) break-even

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Definitions:

Newsgroups

Online discussion forums where users can post and read messages on specific topics, resembling bulletin board systems of the early internet.

Consultative Function

A role or service that provides expert advice and guidance in a particular field or area, typically to help organizations make informed decisions.

MIS Department

Stands for Management Information Systems Department, a division in an organization that focuses on computing technology and systems to manage company information and assist in strategic decision-making.

Current Average

A statistical term referring to the present or most recent average value of a particular dataset or measurement.