If a Substitute Good Is Easy to Find,then Demand for a Good

question 107

Multiple Choice

If a substitute good is easy to find,then demand for a good is

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) perfectly inelastic.
• E) Substitutes don't have any effect on elasticity.

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Definitions:

Case Studies

In-depth analyses of individual, group, event, or situation instances to explore causation and outcomes, often employed in social sciences and medicine.

Objectivity

The quality of being unbiased, impartial, or not influenced by personal feelings or opinions in considering and representing facts.

Self-actualization

The realization or fulfillment of one's talents and potentialities, often considered as the motive to achieve the highest personal potential in Maslow's hierarchy of needs.

Physiological Needs

Fundamental requirements for human survival, such as air, water, food, shelter, and sleep, forming the base level of Maslow's hierarchy of needs.