If a Good Has Many Close Substitutes, It Is Likely

question 20

Multiple Choice

If a good has many close substitutes, it is likely that the _____.

• A) price elasticity of the good is highly inelastic
• B) demand curve for the good is upward sloping
• C) quantity demanded of the good is very sensitive to changes in price
• D) demand for the good will increase in proportion to an increase in income

---

Definitions:

Patchwork Case Study

A method that combines different case studies to explore multiple perspectives or dimensions of a particular issue or phenomenon.

Holistic View

an approach that emphasizes the importance of understanding the whole picture or system rather than focusing on its individual parts.

Research Subject

An individual or group of individuals on whom or which research is conducted to gather data and gain insights.

Dynamics

The forces or properties that stimulate growth, development, or change within a system or process.