When There Are Few Substitutes Available for a Good, Demand

question 250

True/False

When there are few substitutes available for a good, demand tends to be relatively inelastic.

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Definitions:

Build Rapport

The process of establishing a connection and a trusting relationship between a therapist and a client, often seen as foundational for effective therapeutic work.

McDonaldization

The process by which the principles of the fast-food industry, such as efficiency and standardization, dominate other sectors of society.

Uniformity

The quality or state of being uniform; consistency in form, manner, or character among elements of a group.

Fast Food

A type of food service that emphasizes speed of service and convenience, offering quick meals that are typically high in calories and low in nutritional value.