The Price Elasticity of Demand for a Product Will Tend

question 139

True/False

The price elasticity of demand for a product will tend to be higher if fewer good substitutes for it are available.

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Definitions:

Hofstede's Dimensions

A framework for cross-cultural communication, developed by Geert Hofstede, that describes the effects of a society's culture on the values of its members.

Cultural Personality

A term that may refer to the collective personality characteristics, attitudes, and traits shared by people within a particular culture.

Power Distance

A cultural dimension that describes the extent to which individuals within a society accept that power in institutions and organizations is distributed unequally.

Openness

One of the five factors; willingness to try new things and be open to new experiences.