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:

K. Warner Schaie

An American psychologist known for his research in adult development, aging, and intellectual lifespan changes.

Intelligence

The capacity for learning, understanding, and applying knowledge, as well as the ability to adapt to new situations and solve problems.

Longitudinal Design

A research strategy that involves repeated observations of the same variables over short or long periods of time.

Cross-sectional Design

is a research methodology that examines data from a population, or a representative subset, at a specific point in time, often used to identify patterns or relationships.