If the Consumers Cannot Switch to a Close Substitute When

question 21

Multiple Choice

If the consumers cannot switch to a close substitute when the price of a good increases,the demand for that good is likely to be:

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

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Definitions:

Configurational Label

A notation used in chemistry to describe the spatial arrangement of atoms within molecules that cannot be changed without breaking chemical bonds.

Chiral Carbon

A carbon atom attached to four different groups, providing a molecule with a non-superposable mirror image.

Asymmetric Carbon

A carbon atom bonded to four different groups, creating a chiral center and potentially optical activity in the molecule.

R or S

Descriptors in chemistry that indicate the absolute configuration of chiral centers in molecules, determining their spatial arrangement as right-handed (R) or left-handed (S).