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:

Mental Illness

A wide range of mental health conditions that affect mood, thinking, and behavior.

Elevated Rates

Increased frequencies or levels of a particular occurrence, often used in the context of statistics or observations.

Reaction Range

A concept in genetics that describes the potential variability of an individual's trait (such as height or intelligence) based on environmental conditions.

Intellectual Potential

The capacity or ability of an individual to think, reason, and understand at a high level, typically seen as a measure of future intellectual development or achievement.