The Availability of Substitutes Is One Important Factor Affecting Whether

question 26

True/False

The availability of substitutes is one important factor affecting whether the demand for a product is elastic or inelastic.

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Definitions:

Nucleic Acid

Organic molecules that serve as the blueprint for proteins and, through the actions of proteins, the entire phenotype of a living organism; includes DNA and RNA.

Hydrolysis

A chemical reaction in which water is used to break down the bonds of a particular substance, commonly involving the disassembly of polymers into monomers.

Nucleotides

The building blocks of DNA and RNA, consisting of a nitrogenous base, a sugar (ribose in RNA, deoxyribose in DNA), and one to three phosphate groups.

Pyrimidines

Nitrogenous bases, each composed of a single ring of carbon and nitrogen atoms (e.g., thymine, cytosine, and uracil); components of nucleic acids. Compare with purines.