If There Are Many Close Substitutes Available for a Good

question 105

True/False

If there are many close substitutes available for a good, its elasticity of demand will be higher.

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Definitions:

Productivity Improvement

A process of increasing the efficiency and effectiveness of operations, usually by optimizing workflows, technology, and employee skills.

Commitment

A dedication or obligation that restricts freedom of action, often demonstrated through loyalty or an agreement to perform.

Unrealistic Optimism

The tendency to overestimate the likelihood of positive outcomes and underestimate the possibility of negative outcomes.

High Self-esteem

A positive assessment of one's own worth or value, characterized by confidence in one’s abilities and qualities.