The number of substitutes available affects the price elasticity of demand for a good.
Question # 00225034
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Updated on: 03/19/2016 03:48 AM Due on: 04/18/2016
“The number of substitutes available affects the price elasticity of demand for a good. Thus one way to know if apples and oranges are substitutes for each other is to look at the price elasticity of demand for each.” Comment on this assertion.
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Solution: The number of substitutes available affects the price elasticity of demand for a good.