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:

Synagogue

A Jewish house of worship and community gathering place.

Home Equity Indebtedness

Home equity indebtedness refers to loans secured by the taxpayer's home, where the proceeds are not necessarily used to buy, build, or substantially improve the home.

Deductible

An amount that can be subtracted from an individual's gross income to reduce the amount that is subject to income tax.

Medical Expense Deduction

A tax deduction available for individuals who have incurred significant healthcare costs relative to their income.