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:

Visible Light

The part of the electromagnetic spectrum that stimulates the eye and produces visual sensations.

Cosmic Rays

High-energy particles, originating outside the solar system, that travel through space and strike the Earth's atmosphere.

Ultraviolet Rays

Invisible radiation with wavelengths shorter than visible light but longer than X-rays, capable of producing chemical reactions and causing harm to skin and eyes.

Visual Field

The entire area that can be seen when the eye is directed forward, including peripheral vision.