Goods with Close Substitutes Tend to Have More Elastic Demands

question 59

True/False

Goods with close substitutes tend to have more elastic demands than do goods without close substitutes.

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Definitions:

Payee

The person or company to whom the check is payable.

Drawer

Person who writes a check.

Maker

One promising to pay a note.

Promissory Note

A financial document constituting a written promise to pay a specified sum of money to a designated party on demand or at a predetermined date.