​As the Number of Substitutes for a Good Increases,the Absolute

question 31

Multiple Choice

​As the number of substitutes for a good increases,the absolute value of its own-price elasticity

• A)​stays the same
• B)increases
• C)decreases
• D)​the good becomes perfectly inelastic.

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Definitions:

Static Budget

A fixed budget established at the beginning of a period, not adjusted for changes in activity or actual performance levels.

Continuous Budget

A rolling financial plan that continuously updates by adding a new period as the current period is completed.

Zero-Based Budget

A budgeting method where all expenses must be justified for each new period, starting from a "zero base," with no reference to previous budgets.

Flexible Budget

A budget that adjusts or varies with changes in volume or activity, allowing for more accurate forecasting and planning.