Resource X Has Many Close Substitutes, Whereas Resource Y Has

question 147

Multiple Choice

Resource X has many close substitutes, whereas resource Y has no close substitutes. Other things equal, we would expect

• A) the demand for resource Y to be more elastic than the demand for resource X.
• B) resources X and Y to be close substitutes.
• C) resource X to be more expensive than resource Y.
• D) the demand for resource X to be more elastic than the demand for resource Y.

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Definitions:

Cheated

Engaged in dishonest behavior to gain an unfair advantage, often in a context such as an exam or competition.

Type II Error

Occurs when a false null hypothesis is not rejected.

Statistical Power

The probability that a statistical test will correctly reject a false null hypothesis, a measure of a test's ability to detect an effect if there is one.

Type II Error

The error made by failing to reject a false null hypothesis, also known as a "false negative."