The Smaller the Number of Good Substitutes for a Product

question 13

True/False

The smaller the number of good substitutes for a product, the greater will be the price elasticity of demand for it.

---

Definitions:

Mass Movements

Large groups of people engaging collectively in political, social, or cultural campaigns to bring about or resist change in society.

Offers of Reforms

Proposals or pledges to make changes or improvements, typically in political, social, or economic systems.

Compounded Semiannually

Interest on an investment that is calculated twice a year and added to the principal sum.

Initial Deposit

The first sum of money placed into an account or investment, serving as the starting balance.