The Number of Substitutes That a Product Has Is Irrelevant

question 21

True/False

The number of substitutes that a product has is irrelevant in deciding how responsive the quantity demanded of a good is to a change in its own price.

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Definitions:

Ivan Pavlov

A Russian physiologist known for his work in classical conditioning, demonstrating how stimuli can trigger reflexive responses.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired together; a response that is initially elicited by the second stimulus is eventually elicited by the first stimulus alone.

Unconditioned Stimulus

In classical conditioning, it's a stimulus that naturally and automatically triggers a response without any learning needed.

Fourth Of July

A federal holiday in the United States commemorating the adoption of the Declaration of Independence on July 4, 1776.