Other Factors Held Constant, If There Are Few Close Substitutes

question 58

True/False

Other factors held constant, if there are few close substitutes for a good, demand is more elastic for it.
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Definitions:

Strategy/Environment Fit

The alignment or congruence between an organization's strategy and its external environment to optimize performance.

Cost Focus Strategy

A business approach aimed at being the lowest cost provider in a specific niche or segment.

Competes Worldwide

The capability of an organization or entity to engage and perform in international markets against global competitors.

Low Costs

Strategies or practices aimed at reducing expenses and financial outlays in business operations or production.