If Consumers Can Easily Find Close Substitutes for a Good

question 55

True/False

If consumers can easily find close substitutes for a good or service, the product's demand tends to be inelastic.

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Definitions:

Distress

Extreme anxiety, sorrow, or pain that negatively impacts an individual's mental or physical health.

Acute Stress

Short-term stress that arises in response to immediate perceived threats or challenges.

Emotional Exhaustion

A state of feeling overly stressed, drained, and worn out emotionally, often due to prolonged exposure to demanding situations or stress.

Psychological Fatigue

A state of mental or emotional exhaustion due to prolonged stress, overwork, or significant mental effort, leading to reduced cognitive performance.