When a Good Has Many Close Substitutes Available,it Is Likely

question 98

Multiple Choice

When a good has many close substitutes available,it is likely to be:

• A) less price elastic than are goods without close substitutes available.
• B) more price elastic than are goods with many complement goods available.
• C) less price elastic than are goods with many complement goods available.
• D) more price elastic than are goods without close substitutes available.

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Definitions:

Journal Entries

Records of financial transactions in the accounting system, typically involving a debit to one account and a corresponding credit to another account.

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate period.

Asset Account

An account on a company's balance sheet representing resources owned by or owed to the company that have economic value.

Expense Account

An account used to record expenses in accounting, representing money spent or costs incurred in an entity's operations to generate revenues.