The number of substitutes available affects the price elasticity of demand for a good. Question # 00225034 Posted By: echo7 Updated on: 03/19/2016 03:48 AM Due on: 04/18/2016 Subject Mathematics Topic Geometry Tutorials: 1 See full Answer Question “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. Rating: 4.9/5
Solution: The number of substitutes available affects the price elasticity of demand for a good.