When a Good Has Fewer Substitutes in Consumption, Is a Small

question 26

True/False

When a good has fewer substitutes in consumption, is a small part of the consumer's budget, and a long time passes, demand for such a good is inelastic.

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Definitions:

54th Massachusetts

An all-black regiment in the Union Army during the American Civil War, known for its bravery and made famous by its assault on Fort Wagner.

Fort Wagner

A fortification on Morris Island in South Carolina that was the site of an important battle during the American Civil War, known for the valiant charge of the 54th Massachusetts Volunteer Infantry, one of the first major African American units in the U.S. Army.

Integrated Regiment

A military unit consisting of soldiers from different races or backgrounds, combined to serve together as one entity.

Nation-State

A sovereign political entity characterized by a defined territory, permanent population, a government, and the capacity to enter into relations with other states.