If Consumers Can Easily Find Close Substitutes for a Good

question 55

True/False

If consumers can easily find close substitutes for a good or service, the product's demand tends to be inelastic.

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Definitions:

General Social Survey

A sociological survey conducted in the United States to collect data on demographic characteristics, behaviors, attitudes, and opinions of the general population.

Death Penalty

A legal punishment where the state executes a person for a crime deemed sufficiently serious.

Federal Criminal Cases

Legal proceedings involving violations of federal laws or crimes committed across state lines, handled by federal courts.

Sentence Lower

The act of reducing the length or severity of a criminal's prison sentence.