If There Are Many Close Substitutes Available for a Good

question 105

True/False

If there are many close substitutes available for a good, its elasticity of demand will be higher.

---

Definitions:

Colorado River System

A major river system in the southwestern United States and northern Mexico, crucial for water supplies and hydroelectric power.

Bureau of Reclamation

A U.S. government agency under the Department of the Interior, responsible for the management of water resources, including the construction of dams, canals, and irrigation projects.

Federal Support

The assistance or backing provided by a federal government to states, organizations, or individuals, often in the form of financial aid, policies, or resources.

Irrigation System

An artificial method of supplying water to land or crops to promote agriculture in areas lacking sufficient rainfall.