When a good has many close substitutes available, it is likely to be:
A. less price elastic than are goods with many complement goods available.
B. more price elastic than are goods without close substitutes available.
C. more price elastic than are goods with many complement goods available.
D. less price elastic than are goods without close substitutes available.
Answer: B
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A) contraction
B) peak
C) recovery
D) expansion
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Indicate whether the statement is true or false
What does the Law of Supply state? What is the key feature of a typical supply curve?
What will be an ideal response?
Expected value refers to the
A. Present value of a future payment. B. Difference in the rates of return on risky and safe investments. C. Probable value of a future payment, including the risk of nonpayment. D. Future value of a current payment.