When a Good Has a Lot of Close Substitutes Available,it

question 125

Multiple Choice

When a good has a lot of close substitutes available,it is likely to be:

• A)more price elastic than goods without close substitutes available.
• B)less price elastic than goods without close substitutes available.
• C)more price elastic than those with a lot of complement goods available.
• D)less price elastic than those with a lot of complement goods available.

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Definitions:

Equation

A mathematical statement that asserts the equality of two expressions, often containing one or more variables.

Solution

The outcome of solving a problem or equation, often referring to the value or values that satisfy the given conditions.

Linear Equation

A mathematical statement where the sum of two variables is equal to a constant, forming a straight line when graphed.

Solve

The process of finding the values that satisfy an equation or inequality.