Substitutes Microeconomics Easy Discussion, writing homework help

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Economics

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Substitutes

How does the number of substitutes affect the price elasticity of demand for a product or resource?

What does a higher number of substitutes mean for the slope of the demand curve?

What does a smaller number of substitutes mean for the slope of the demand curve?

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Effect of substitute goods on demand
Price elasticity of demand (PED) is a measure of the change in the quantity demanded as
a result of change in price of a commodity. Availa...


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