If There Are Many Close Substitutes Available for a Good

question 105

True/False

If there are many close substitutes available for a good, its elasticity of demand will be higher.

---

Definitions:

Cash

Represents money or any instrument that banks accept for deposit and immediate credit to a company’s account, such as checks or money orders.

Expenses

Costs incurred by a business in the process of earning revenue, such as rent, salaries, and utilities.

Assets

Assets held by a business anticipated to deliver future economic advantages.

Expenses

Costs incurred in the process of earning revenue, including operational, administrative, and selling activities.