When There Are Few Close Substitutes Available for a Good

question 41

Multiple Choice

When there are few close substitutes available for a good, demand tends to be

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

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Definitions:

Procedural Memory

relates to the type of long-term memory responsible for knowing how to perform different actions and skills, essentially memory of the process of doing things.

Serial-Order Effect

The psychological phenomenon that the order of information presentation affects memory recall, often seen in lists or sequences.

Depth of Processing

A concept in cognitive psychology that describes the level at which information is thought about, where deeper levels of analysis lead to better memory retention.

Korsakoff's Syndrome

A chronic memory disorder caused by severe deficiency of thiamine (vitamin B1), often associated with prolonged alcoholism.