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.

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Definitions:

Strikes

Work stoppages initiated by employees as a form of protest, typically aimed at winning concessions from employers regarding wages, working conditions, or other labor issues.

Permanent Strike Replacements

Workers hired on a permanent basis to take the places of striking workers, often leading to the striking workers losing their jobs permanently.

Mediation

A form of dispute resolution where a neutral third party helps conflicting parties to reach a mutually satisfactory agreement.

Arbitration

A dispute resolution method where an impartial third party makes a binding decision to resolve a conflict between parties, often used in labor disputes.