When There Few Close Substitutes Available for a Good, Demand

question 111

Multiple Choice

When there few close substitutes available for a good, demand tends to be

• A)perfectly inelastic.
• B)perfectly elastic.
• C)relatively inelastic.
• D)relatively elastic.

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Definitions:

High Unemployment Rates

A situation where a significant portion of the workforce is without jobs, typically indicating economic distress.

Blue-Collar Workers

Employees who perform manual labor, often in industries like manufacturing, construction, and maintenance.

White-Collar Professionals

Employees known for performing jobs in an office setting that typically require a high level of education and professional skills.

Frictional Unemployment

Unemployment that occurs because job seekers and employers need time to find each other.