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:

Ecological Theory

A framework in the social and biological sciences that explores how organisms interact with their environment and the impacts of these interactions on both the organisms and their habitats.

Accommodation

The process of adapting or adjusting to new conditions or environments, or in sociology, the process by which conflicting groups coexist by making concessions.

Ethnic Groups

Collections of people who share common cultural characteristics, such as language, religion, and customs.

Racial Identities

The identification with a particular racial group, often influenced by social, historical, and cultural contexts.