The More Narrowly Defined a Good Is, the More Elastic

question 68

True/False

The more narrowly defined a good is, the more elastic the demand for the good will tend to be, ceteris paribus.

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Definitions:

Estimate

A value or statistic calculated from sample data as an approximation of a population parameter.

Proportion

Proportion refers to the fraction or percentage of a total that is made up by a specific part or category.

Admission Standards

Criteria or requirements set by institutions or organizations for entry or acceptance, often used in context with schools or universities.

Proportion

A statistical measure that reflects the fraction of the total number of occurrences for a specific outcome.