When There Are Very Few Substitutes for a Good, the Demand

question 112

Multiple Choice

When there are very few substitutes for a good, the demand for the good will tend to be

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

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Definitions:

Minor Term

In logic, specifically in syllogisms, the term that is the subject of the conclusion.

Syllogism

A form of deductive reasoning consisting of a major premise, a minor premise, and a conclusion, often structured in categorical logic.

Whales

Large marine mammals belonging to the cetacean family, known for their intelligence and often extreme size.

Minor Premise

The second premise in a syllogism, which provides a specific instance that is related to the general assertion made by the major premise.