The Availability of Fewer Substitutes for a Good Means Its

question 236

Multiple Choice

The availability of fewer substitutes for a good means its demand curve:

• A) becomes less elastic.
• B) becomes more elastic.
• C) maintains the same elasticity.
• D) changes elasticity in an indeterminate direction.

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Definitions:

Collateral

Property or other assets that a borrower offers to a lender to secure a loan.

Court Order

An official directive issued by a judge that requires a party to do or refrain from doing something.

Bankruptcy Code

A federal law that outlines the various procedures for conducting bankruptcy cases, allowing debtors to eliminate or reorganize their debts under the supervision of the court.

Trustee

An individual or entity appointed to manage and hold property or assets on behalf of others, often used in trust arrangements and bankruptcy proceedings.