When There Are Few Close Substitutes Available for a Good

question 41

Multiple Choice

When there are few close substitutes available for a good, demand tends to be

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

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Definitions:

Inaccessibility

The state or condition where something is difficult or impossible to reach, obtain, or understand due to various barriers or limitations.

Secondary-Line Injury

Harm caused to competitors or the market by anticompetitive practices, such as price discrimination, which affects rival businesses.

Distribution

Distribution involves the process of making goods or services available for use or consumption by consumers or businesses.

National Cooperative Research Act

Legislation that enables companies to collaborate on research and development efforts without immediately being subject to antitrust laws.