When a Good Has Many Close Substitutes Available,it Is Likely

question 98

Multiple Choice

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

• A) less price elastic than are goods without close substitutes available.
• B) more price elastic than are goods with many complement goods available.
• C) less price elastic than are goods with many complement goods available.
• D) more price elastic than are goods without close substitutes available.

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Definitions:

Desired Performance

The expected or targeted level of output or efficiency from a process, employee, or system.

Control Equation

A conceptual framework or formula used to manage and regulate processes or systems to ensure desired outcomes are achieved.

Desired Performance

The level of operational or task achievement that an organization or individual aims to reach.

Actual Performance

The real, observed output or results of an individual’s or team’s work activities, as opposed to expected or theoretical performance.