If Consumers Cannot Readily Switch to a Close Substitute When

question 106

Multiple Choice

If consumers cannot readily switch to a close substitute when the price of a good increases, the demand for that good is likely to be:

• A)elastic.
• B)inelastic.
• C)unit elastic.
• D)perfectly elastic.

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Definitions:

High School

An educational institution providing secondary education, typically for students aged between 14 and 18.

Cognitive-Affective Complexity

Cognitive-affective complexity involves the ability to have complex, nuanced thoughts and feelings that include understanding conflicting perspectives and integrating emotions with cognition.

Social Development

The process by which individuals learn to interact with others and navigate the social aspects of their community.

Contextual Influences

The impact of environmental, social, or situational factors on individual behavior, attitudes, and perceptions.