As the Number of Substitutes for a Good Increases,its Own-Price

question 3

Multiple Choice

As the number of substitutes for a good increases,its own-price elasticity becomes more

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

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Definitions:

Developing

A descriptor for countries or regions undergoing economic, industrial, and social progress, often with rapid growth and improvement in living standards.

Hypothesis

A proposed explanation made on the basis of limited evidence as a starting point for further investigation.

Human Development

The multidisciplinary study of how people change and how they remain the same over time.

Piaget

Jean Piaget was a Swiss psychologist known for his pioneering work in child development, particularly his theory of cognitive development that describes how children construct a mental model of the world.