If Substitutes for a Good Are Readily Available,the Demand for That

question 212

Multiple Choice

If substitutes for a good are readily available,the demand for that good

• A) does not change substantially if the price rises.
• B) does not change substantially if the price falls.
• C) is inelastic.
• D) is elastic.
• E) Both answers A and B are correct.

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Definitions:

Mentally Incompetent

A legal status indicating that an individual lacks the capacity to make decisions for themselves due to mental limitations or impairments.

Legally Binding

Refers to agreements or contracts that have legal force and are enforceable by law.

Disaffirm A Contract

The legal right of a party to renounce or reject a contract, which can be particularly relevant when one of the parties is a minor or otherwise lacks the capacity to contract.

Executory Contracts

Contracts under which both parties to the agreement have unfulfilled obligations that remain to be done.