Resource X Has Many Close Substitutes, Whereas Resource Y Has

question 67

Multiple Choice

Resource X has many close substitutes, whereas resource Y has no close substitutes. Other things equal, we would expect

• A)the demand for resource Y to be more elastic than the demand for resource X.
• B)resources X and Y to be close substitutes.
• C)resource X to be more expensive than resource Y.
• D)the demand for resource X to be more elastic than the demand for resource Y.

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Definitions:

Railway Labor Act

A U.S. federal law enacted in 1926 that governs labor relations in the railroad and airline industries, aiming to prevent service disruptions and facilitate dispute resolution between employers and employees.

National Labor Legislation

laws enacted by a government to regulate labor relations, worker rights, and union activities within a country.

Public Sector Unions

Labor unions that represent employees in the public sector, including workers for governmental agencies and services.

Public Interest

Refers to the common well-being or general welfare of the community, considered in policy-making and legal matters.