If a Product Has Very Few Substitutes, Demand Elasticity Is

question 339

Multiple Choice

If a product has very few substitutes, demand elasticity is likely to be

• A) 1.
• B) elastic.
• C) infinitely elastic.
• D) inelastic.

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Definitions:

Placebo

A substance or treatment with no therapeutic effect, often used in clinical trials as a control to test the efficacy of treatments.

Confounding Variable

An external variable that influences both the independent and dependent variables in an experimental design, leading to a potential false association between the studied variables.

Random Factor

A random factor is an unpredictable variable that can influence the outcome of an experiment or situation, often beyond control.

Dependent Variable

In research, the variable being tested and measured, expected to be influenced by another variable known as the independent variable.