When There Are Few Substitutes Available for a Good, Demand

question 250

True/False

When there are few substitutes available for a good, demand tends to be relatively inelastic.

---

Definitions:

Governing Attorneys

Refers to the rules and regulations governing the conduct and ethics of practicing lawyers.

Licensing Requirements

The specific qualifications, standards, or conditions that must be met in order to legally practice a profession or operate a particular type of business.

Educational Requirements

Specific formal schooling, training, or qualifications that an individual must meet to pursue a particular career or role effectively.

National Association

A professional or other organization operating at a national level, representing members of a specific industry or field.