When U.S. banks borrow from one another, they must pay the

Inflation must be high in Moscow because it is very expensive to live there

Indicate whether the statement is true or false

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.