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    Principles of Economics Study Set 8
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    Exam 5: Elasticity and Its Application
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    Suppose That Good X Has Few Close Substitutes and That
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Suppose That Good X Has Few Close Substitutes and That

Question 40

Question 40

Short Answer

Suppose that good X has few close substitutes and that good Y has many close substitutes. Which good would you expect to have more price inelastic demand?

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