If the Consumers Can Easily Switch to a Close Substitute

question 49

Multiple Choice

If the consumers can easily switch to a close substitute when the price of a good increases,demand for that good is likely to be:

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

---

Definitions:

Third-party Complaint

A legal document filed in a lawsuit by a defendant who believes that a third party (not currently involved in the lawsuit) is partially or fully responsible for the claim filed by the plaintiff.

Counterclaim

A claim made by a defendant in a civil lawsuit against the plaintiff, essentially acting as a counter-lawsuit within the same proceeding.

Electronically Stored Information

Information created, stored, or utilized in digital form that can be significant in legal investigations or litigation.

Electronic Data Interchange

The computer-to-computer exchange of business documents in a standard electronic format between business partners.