When There Are Very Few Substitutes for a Good, the Demand

question 112

Multiple Choice

When there are very few substitutes for a good, the demand for the good will tend to be

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

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Definitions:

Feedback

Information provided to individuals or groups about their performance or behavior, intended to guide future improvements or adjustments.

Performance

Refers to how well an individual, group, or entity carries out assigned tasks or duties.

Peer Pressure

The influence exerted by a peer group, encouraging individuals to change their attitudes, values, or behaviors to conform to group norms.

Participation

The active involvement of individuals or groups in decision-making processes or activities that affect them.