Suppose That Good X Has Few Close Substitutes and That

question 40

Short Answer

Suppose that good X has few close substitutes and that good Y has many close substitutes. Which good would you expect to have more price inelastic demand?

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Definitions:

Cross-cultural Communication

The process of recognizing and understanding the differences and similarities in communication across various cultures.

Climate of Silence

An organizational atmosphere where employees are hesitant or fearful to express their opinions or concerns.

Self-censorship

The voluntary suppression of one's thoughts, opinions, or information by individuals, often due to fear of social or official repercussions.

Psychological Safety

A work environment where individuals feel safe to take risks, voice their opinions, and be honest without fear of negative consequences.