If a Good Has Many Close Substitutes,then Its Demand Is

question 28

Multiple Choice

If a good has many close substitutes,then its demand is most likely

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) perfectly inelastic.
• E) elastic or inelastic depending on whether the price of the good is increasing or decreasing.

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Definitions:

Transnational Strategy

A business approach that involves operating globally while remaining responsive to local needs and conditions.

Divestiture

Divestiture is the process of selling off or disposing of an asset or division of a company as a strategic business decision.

Core Competencies

Unique strengths and abilities that a company or an individual possesses which distinguish them from competitors.

Operating Efficiencies

The ratio of productive output to operational inputs, reflecting the effectiveness and economy with which resources are utilized in production.