Goods with Close Substitutes Tend to Have More Elastic Demands

question 59

True/False

Goods with close substitutes tend to have more elastic demands than do goods without close substitutes.

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Definitions:

Black Legend

Idea that the Spanish New World empire was more oppressive toward the Indians than other European empires; was used as a justification for English imperial expansion.

Brutal Colonizer

Describes a person or nation that employs harsh and oppressive measures to control and exploit a colony or a territorial possession.

Spain

A country on Europe's Iberian Peninsula, known for its rich history, diverse culture, and significant global influences in exploration, art, and cuisine.

Bartolomé de Las Casas

A 16th-century Spanish historian and Dominican friar who became the first advocate for the rights of indigenous peoples in the Americas.