When Few Substitutes Are Available, Demand Will Tend to Be

question 65

True/False

When few substitutes are available, demand will tend to be more elastic.

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Definitions:

Bad Debts Expense

The cost recorded by businesses to cover accounts receivable that are not expected to be collected.

Rental Income

Rental income is income received from leasing out property or equipment, forming a source of earnings for businesses and individuals alike.

Adjusting Entry

Journal entries made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.