If a Good Has Many Close Substitutes,then Its Demand Is

question 28

Multiple Choice

If a good has many close substitutes,then its demand is most likely

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) perfectly inelastic.
• E) elastic or inelastic depending on whether the price of the good is increasing or decreasing.

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Definitions:

Environmental Uncertainty

The degree to which an organization lacks information about its external environment, which makes decision-making difficult.

Innovation Process

A systematic approach to developing and implementing novel ideas or products, typically involving stages of ideation, development, testing, and commercialization.

Imagining

The process of forming new ideas, images or concepts not present to the senses, often used as a tool for creativity and problem solving.

Innovation Process

Refers to the systematic method of creating and implementing new ideas, products, or processes within an organization to enhance its value or efficiency.